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Panch Tatva Promoters Pvt Ltd vs Gpt Steel Industries Ltd & Ors

Supreme Court Of India|17 September, 2021
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JUDGMENT / ORDER

Summary

Issue: Whether the Resolution Plan approved by the Committee of Creditors should be approved by the Adjudicating Authority
Rule: Insolvency and Bankruptcy Code (IBC), 2016 and The Companies Act, 2013
Application: The court applied the provisions of the IBC and the Companies Act, 2013, to determine whether the Resolution Plan approved by the Committee of Creditors should be approved by the Adjudicating Authority
Conclusion: The court is not inclined to interfere in this matter at the instance of the appellant, particularly at this juncture when the Resolution Plan approved by the Committee of Creditors is pending for approval of the Adjudicating Authority.
IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 5630 OF 2021 PANCH TATVA PROMOTERS PVT. LTD. APPELLANT(S) VERSUS GPT STEEL INDUSTRIES LTD. & ORS. RESPONDENT(S) O R D E R Having heard learned senior counsel for the appellant and having perused the material placed on record, we are not inclined to interfere in this matter at the instance of the appellant, particularly at this juncture when the Resolution Plan approved by the Committee of Creditors is pending for approval of the Adjudicating Authority.
It goes without saying that the submissions sought to be made by the appellant could be the matter for consideration of the Adjudicating Authority, of course, strictly in accordance with law. In that regard, suffice it to say that any observations made in the impugned order shall not be of prejudice to the appellant in making the relevant submissions; and consideration thereof by the Adjudicating Authority.
SIGN The appeal stands dismissed subject to the observations foregoing.
All pending applications stand disposed of.
. J.
(DINESH MAHESHWARI) NEW DELHI SEPTEMBER 17, 2021 . J.
(VIKRAM NATH)
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Title

Panch Tatva Promoters Pvt Ltd vs Gpt Steel Industries Ltd & Ors

Court

Supreme Court Of India

JudgmentDate
17 September, 2021
Judges
  • Dinesh Maheshwari
  • Vikram Nath