JUDGEMENT

[Per: Barun Mitra, Member (Technical)] The present appeal filed under Section 61 of Insolvency and Bankruptcy Code, 2016 (“IBC” in short) by the Appellant arises out of two orders dated 12.04.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) in IA No. 1394 of 2022 and IA No. 823 of 2020 in CP (IB) No.515 (CHD) of 2019. By the impugned order passed in IA No.823 of 2020 (hereinafter referred to as “First Impugned Order”), the Adjudicating Authority had approved the Resolution Plan of the Corporate Debtor. By the impugned order passed in IA No. 1394 of 2022 (hereinafter referred to as “Second Impugned Order”), the Adjudicating Authority dismissed this IA filed by the present Appellant seeking direction for rejection of the Resolution Plan and dismissal of IA 823/2020. Aggrieved by these impugned orders, the present appeal has been filed by Smt. Sita Chaudhary, the suspended director of the Corporate Debtor.

2. The background facts of the case which are necessary to be noticed for deciding this appeal are as outlined below: -

 An Agreement was executed between Haryana Telecom Ltd.-Corporate Debtor and Parivartan Investment and Finance Company - Financial Creditor, whereby Corporate Debtor agreed to redeem the Debentures of the value of Rs. 5,00,00,000/-.  The Corporate Debtor re-issued the Non-Convertible Debentures (“NCD” in short) and an agreement was executed between the Financial Creditor and the Corporate Debtor to extend the date of redemption to 31.12.2010. By execution of subsequent agreements, the period of redemption was extended up to 31.12.2020. As per the redemption agreements, the Corporate Debtor was to pay 12% interest for the extended period but the Financial Creditor waived off the interest from time to time.

 The Financial Creditor, however, issued notice to the Corporate Debtor demanding interest payment by 30.04.2019. The Corporate Debtor agreed for the payment of interest for the period 01.04.2018 to 31.03.2019 @ 12% by 30.04.2019 and to be paid quarterly thereafter.  Reminder letters were issued by the Financial Creditor to the Corporate Debtor for interest payment on 25.02.2019, 31.03.2019, 20.04.2019, 03.05.2019 and 15.05.2019.  Smt. Sunaina Singh is grand-daughter of Smt. Sita Chaudhary, who is suspended Director of the Corporate Debtor. Sunaina Singh was Director of the Corporate Debtor but she resigned as Director of the Corporate Debtor on 25.03.2019 and since then has not been continuing as Director of the Corporate Debtor.

 Insolvency proceedings under Section 7 of IBC were initiated against the Corporate Debtor vide Financial Creditor’s application dated 25.09.2019. The Adjudicating Authority vide its order dated 07.02.2020 admitted the Section 7 petition and initiated CIRP against the Corporate Debtor.

 Following initiation of CIRP, Resolution Professional – Respondent No.1 was appointed. The Committee of Creditors (“CoC” in short) was constituted by the Resolution Professional in terms of Section 21 of IBC and the Financial Creditor was inducted as sole member into the Committee of Creditors.

 The Resolution Professional published the Invitation for Expression of Interest in Form-G on 24.06.2020.  In the 4th CoC Meeting on 19.07.2020 the Resolution Professional apprised the CoC that it had received Expressions of Interest from five prospective Resolution Applicants. The CoC also approved the appointment of a professional to assist Resolution Professional in carrying out due diligence of the prospective Resolution Applicants in terms of Section 29A of IBC.

 In the 7th CoC meeting, the Resolution Professional apprised the CoC members that due diligence of Resolution Plans as received from three prospective Resolution Applicants had been undertaken.

 After due deliberations, the CoC found the resolution plan submitted by Mr. Abhimanyu Singh Mehlawat as H-l, Resolution Plan of Pankaj Sachdeva as H-2 and the Resolution P