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-NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI Company Appeal (AT) (Insolvency) No. 807 of 2023 & I.A. No. 2721 of 2023 (Arising out of Order dated 28.04.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Court-I in C.P.(IB)
No.369/KB/2020)
IN THE MATTER OF:
Soneko Marketing Private Limited .... Appellant Vs Girish Sriram Juneja & Ors. …. Respondents Present:
For Appellant: Mr. Abhijeet Sinha and Ms. Aastha Vishwakarma, Advocates.
For Respondents: Mr. Vikram Nankani, Sr. Advocate, Mr. Vikram Wadhera, Ms. Smriti Churiwal, Mr. Sourabh Tandon, Advocates for R-1 (RP).
Mr. Abhinav Vashisht, Sr. Advocate, Ms. Priya Seth, Mr. Siddhant Kant, Ms. Moulshree Shukla, Mr. Yugal, Advocates for CoC/R-2.
Mr. Mukul Rohatgi, Sr. Advocate, Mr. Arun Kathpalia and Mr. Krishnendu Datta, Sr.
Advocates with Mr. Sanjeev Sharma, Mr. Vaibhav Gaggar, Ms. Sanya Sud, Mr. Udai Khanna, Ms.
Vaishali Goyal, Ms. Threcy Lawrence, Ms.
Vaishnavi Bansal, Ms. Kokila Kumar, Ms. Praniti Ganjoo, Mr. Aditya Arora, Mr. Ketan Saraf, Ms.
Diksha Gupta, Mr. Rajat Sinha and Mr. Ankit Vashisht, Advocates for AGI Greenpac.
With Company Appeal (AT) (Insolvency) No. 607 of 2023 (Arising out of Order dated 28.04.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Court-I in I.A. (IB) No.1497/KB/2022, I.A. (IB) No.628/KB/2023 and I.A. (IB) No.701/KB/2023 in C.P.(IB) No.369/KB/2020)
Cont’d…/
IN THE MATTER OF:
The U.P. Glass Manufacturers Syndicate .... Appellant Vs Girish Sriram Juneja Resolution Professional of Hindusthan National Glass & Industries Ltd. & Ors …. Respondents Present:
For Appellant: Mr. Rajshekhar Rao, Sr. Advocate with Mr.
Abhijeet Sinha, Mr. Indranil Ghosh, Mr. Debabrata Das, Mr. Palzer Moktan, Mr. Aditya Shukla, Mr.
Saptarshi Mandal, Ms. Heena Kochar, Ms. Aanchal Tikmani, Ms. Manasa Damaalapati, Ms. Mrinal Chaudhry, Mr. Saikat Sarkar, Mr. Akash Chatterjee, Advocates.
Mr. Yadunath Bhargavan, Mr. Akshay Chandra, Mr. Rahul Choudhary, Advocates in I.A. No. 3794 of 2023.
For Respondents: Mr. Vikram Nankani, Sr. Advocate, Mr. Vikram Wadhera, Ms. Smriti Churiwal, Mr. Sourabh Tandon, Advocates for R-1 (RP).
Mr. Abhinav Vashisht, Sr. Advocate, Ms. Priya Seth, Mr. Siddhant Kant, Ms. Moulshree Shukla, Mr. Yugal, Advocates for CoC/R-2.
Mr. Mukul Rohatgi, Sr. Advocate, Mr. Arun Kathpalia and Mr. Krishnendu Datta, Sr.
Advocates with Mr. Sanjeev Sharma, Mr. Vaibhav Gaggar, Ms. Sanya Sud, Mr. Udai Khanna, Ms.
Vaishali Goyal, Ms. Threcy Lawrence, Ms.
Vaishnavi Bansal, Ms. Kokila Kumar, Ms. Praniti Ganjoo, Mr. Aditya Arora, Mr. Ketan Saraf, Ms.
Diksha Gupta, Mr. Rajat Sinha and Mr. Ankit Vashisht, Advocates for AGI Greenpac.
With Company Appeal (AT) (Insolvency) No. 724 of 2023 (Arising out of Order dated 28.04.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Court-I in C.P.(IB)
No.369/KB/2020)
IN THE MATTER OF:
H.N.G. Karamchari Union & Anr ….Appellants Vs.
Girish Sriram Juneja Resolution Professional of Hindusthan National Glass & Industries Ltd & Ors.. ….Respondents Present:
For Appellants: Mr. Rana Mukherjee, Sr. Advocate with Mr. Amit Sanduja, Ms. Oindrella Sen, Ms. Sakshi Singh, Mr.
Tushar Batra and Mr. Pawas Kulshrestha, Advocates.
For Respondents: Mr. Vikram Nankani, Sr. Advocate, Mr. Vikram Wadhera, Ms. Smriti Churiwal, Mr. Sourabh Tandon, Advocates for R-1 (RP).
Mr. Abhinav Vashisht, Sr. Advocate, Ms. Priya Seth, Mr. Siddhant Kant, Ms. Moulshree Shukla, Mr. Yugal, Advocates for CoC/R-2.
Mr. Mukul Rohatgi, Sr. Advocate, Mr. Arun Kathpalia and Mr. Krishnendu Datta, Sr.
Advocates with Mr. Sanjeev Sharma, Mr. Vaibhav Gaggar, Ms. Sanya Sud, Mr. Udai Khanna, Ms.
Vaishali Goyal, Ms. Threcy Lawrence, Ms.
Vaishnavi Bansal, Ms. Kokila Kumar, Ms. Praniti Ganjoo, Mr. Aditya Arora, Mr. Ketan Saraf, Ms.
Diksha Gupta, Mr. Rajat Sinha and Mr. Ankit Vashisht, Advocates for AGI Greenpac.
With Company Appeal (AT) (Insolvency) No. 735 of 2023 (Arising out of Order dated 28.04.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Court-I in I.A. (IB)
No.1497/KB/2022 in C.P.(IB) No.369/KB/2020)
IN THE MATTER OF:
Independent Sugar Corporation Ltd. ….Appellant Vs.
Girish Sriram Juneja & Anr. ….Respondents Present:
For Appellant: Mr. Abhimanyu Bhandari, Ms. Nattasha Garg and Mr. Thakur Ankit Singh, Advocates.
For Respondents: Mr. Vikram Nankani, Sr. Advocate, Mr. Vikram Wadhera, Ms. Smriti Churiwal, Mr. Sourabh Tandon, Advocates for R-1 (RP).
Mr. Abhinav Vashisht, Sr. Advocate, Ms. Priya Seth, Mr. Siddhant Kant, Ms. Moulshree Shukla, Mr. Yugal, Advocates for CoC/R-2.
Mr. Mukul Rohatgi, Sr. Advocate, Mr. Arun Kathpalia and Mr. Krishnendu Datta, Sr.
Advocates with Mr. Sanjeev Sharma, Mr. Vaibhav Gaggar, Ms. Sanya Sud, Mr. Udai Khanna, Ms.
Vaishali Goyal, Ms. Threcy Lawrence, Ms.
Vaishnavi Bansal, Ms. Kokila Kumar, Ms. Praniti Ganjoo, Mr. Aditya Arora, Mr. Ketan Saraf, Ms.
Diksha Gupta, Mr. Rajat Sinha and Mr. Ankit Vashisht, Advocates for AGI Greenpac.
ORDER
ASHOK BHUSHAN, J.
All these Appeal(s) have been filed against the same order dated 28.04.2023 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, Court-I in I.A. (IB) No.1497/KB/2022 and I.A. (IB) No.628/KB/ 2023 and I.A. (IB) No.701/KB/2023 in C.P.(IB) No.369/KB/2020. All the Appeal(s) having been filed against the same order, have been heard together and are being decided by this common judgment.
2. Brief background facts giving rise to these Appeal(s) are:
(i) The Corporate Insolvency Resolution Process (“CIRP”) against the Corporate Debtor – Hindustan National Glass & Industries Limited commenced vide order dated 21.10.2021 on an Application filed by DBS Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”)
(ii) On 25.03.2022, the Resolution Professional (“RP”) issued the Invitation for Expression of Interest. RFRP contained provision that there was mandatory requirement of Competition Commission of India (“CCI”) approval, prior to approval of a Resolution Plan by the Committee of Creditors (“CoC”)
(iii) Two Resolution Applicants namely - Independent Sugar Corporation Ltd. as well as AGI Greenpac Ltd. submitted their Resolution Plans in April 2022.
(iv) Independent Sugar Corporation Ltd., a Resolution Applicant sought a clarification from the RP with regard approval of CCI as well as the timelines for obtaining such approval as the RFRP had contradictory clauses. The RP vide email dated 25.08.2022 issued a clarification that in light of the available jurisprudence, the RFRP granted relaxation to the Resolution Applicants to procure the CCI approval post the approval of the Resolution Plan by the CoC, but prior to filing of the Resolution Plan before the Adjudicating Authority.
(v) On 27.09.2022, AGI Greenpac Ltd. submitted an Application with the CCI under Form-1 for approval of the combination.
(vi) On 30.09.2022, the Independent Sugar Corporation Ltd. received the requisite approval from the CCI. The Application filed by AGI Greenpac Ltd. was declared as not valid on 22.10.2022.
(vii) The Resolution Plans submitted by AGI Greenpac Ltd. as well as Independent Sugar Corporation Ltd. were placed for voting before the CoC. The CoC on 28.10.2022 approved the Plan of AGI Greenpac Ltd. with 98% vote share. Independent Sugar Corporation Ltd. received 88% votes.
(viii) On 03.11.2022, AGI Greenpac Ltd. submitted Application in Form-II before the CCI for approval.
(ix) In November, 2022, the RP filed IA No.1401 of 2022 before the NCLT, Kolkata for approval of the Resolution Plan under Section 30, sub-section (6) of the Code before the NCLT, Kolkata and I.A. No.1497/2022 was filed by the Independent Sugar Corporation Ltd. seeking setting aside the selection of the Resolution Plan submitted by Respondent No.2.
(x) On 15.03.2023, the CCI granted approval to the AGI Greenpac Ltd. combination proposal and the order was placed before the Adjudicating Authority by the RP.
(xi) The Adjudicating Authority vide impugned order dated 28.04.2023 rejected the IA No.1497/ 2022 filed by the Independent Sugar Corporation Ltd. Aggrieved by the order dated 28.04.2023, these Appeal(s) have been filed.
Company Appeal (AT) (Insolvency) No. 735 of 2023
3. The Appellant - Independent Sugar Corporation Ltd. was the Resolution Applicant, who had submitted its Plan before the RP. The Appellant has also obtained the approval from the CCI on 30.09.2022. On 28.10.2022, the Plan submitted by the Appellant, received 88% vote share, whereas the Plan submitted by AGI Greenpac Ltd. was approved with 98% vote shares. The Independent Sugar Corporation Ltd. has filed an IA No.1497/2022 praying for setting aside the selection of the Resolution Plan submitted by AGI Greenpac Ltd. and for reconsideration of the Resolution Plan submitted by the Appellant, which Application was rejected by the impugned order.
Company Appeal (AT) (Insolvency) No. 607 of 2023
4. This Appeal has been filed by the U.P. Glass Manufacturers Sy
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