# In the matter of Asset Reconstruction Company (India) Ltd. Vs. Unimark Remedies Limited CA (AT) Insolvency No. 131-2019

> NCLAT judgment dated 2019-02-07. Citation: TCN-2019-NCLAT-00790. The case involves an appeal against a direction by the Adjudicating Authority (National…

- **Court:** NCLAT
- **Order date:** 7 Feb 2019
- **Citation:** TCN-2019-NCLAT-00790
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/asset-reconstruction-company-india-ltd-vs-unimark-remedies-limited-ca-a9392ecd

## Summary

### Background

The case involves an appeal against a direction by the Adjudicating Authority (National Company Law Tribunal, Mumbai bench) to the ‘Committee of Creditors' to consider a fresh Resolution Plan from M/s. Omkara Assets Reconstruction Private Limited. This direction was given while the Resolution Plan submitted by the Appellant (Asset Reconstruction Company (India) Ltd.) and approved by the ‘Committee of Creditors' was pending approval before the Adjudicating Authority. The Appellant is a Successful Resolution Applicant.

## Facts

Asset Reconstruction Company (India) Ltd. (the Appellant) submitted a Resolution Plan that was approved by the ‘Committee of Creditors'. This plan was pending approval before the Adjudicating Authority (National Company Law Tribunal, Mumbai bench). Simultaneously, M/s. Omkara Assets Reconstruction Private Limited (Respondent No. 2) submitted a fresh Resolution Plan. The Adjudicating Authority directed the ‘Committee of Creditors' to consider this fresh plan. The Appellant, being a Successful Resolution Applicant, appealed against this direction. The Appellant sought exemption from producing a certified copy of the order because it was not available on the Adjudicating Authority's website. The ‘Committee of Creditors' had previously rejected Omkara Assets Reconstruction

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's direction to consider a fresh Resolution Plan from M/s. Omkara …

**Ratio:** The principle of prioritizing the approved Resolution Plan by the Committee of Creditors,

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**Reasoning:** The court directed the Adjudicating Authority to proceed with the consideration of the

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**Interpretation:** The interpretation emphasizes the importance of adhering to the established

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**Application:** The court's direction ensures that the Appellant's approved plan is given due

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## Parties

- **Judges:** Bansi Lal…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Unimark Remedies…

## Timeline

- **2019-02-04 — Direction by Adjudicatin…**: The Adjudicating Authority (National Company Law Tribunal, Mumbai bench) directed the…
- **2019-02-07 — Order Da…**: The court issued an order exempting the Appellant from producing a certified copy of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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