# In the matter of Daimler Financial Services India Pvt. Ltd. Vs. Mr. Ankit Kumar Aggarwal CA (AT) (Ins) No. 296 of 2021

> NCLAT judgment dated 2021-06-01. Citation: TCN-2021-NCLAT-00255. The case involves an appeal filed by Daimler Financial Services India Pvt. Ltd. against an…

- **Court:** NCLAT
- **Order date:** 1 Jun 2021
- **Citation:** TCN-2021-NCLAT-00255
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/daimler-financial-services-india-pvt-ltd-vs-mr-ankit-kumar-aggarwal-ca-031f36ee

## Summary

### Background

The case involves an appeal filed by Daimler Financial Services India Pvt. Ltd. against an order dated 02.03.2021 passed by the National Company Law Tribunal (NCLT), New Delhi, in IA-1116/ND/2021 filed in (IB)-2029/ND/2019. The application filed by the Appellant sought a direction against the Resolution Professional to admit its claim and also prayed for the rejection of the Resolution Plan, which was already approved by the Committee of Creditors (CoC). The NCLT dismissed the application.

## Facts

Daimler Financial Services India Pvt. Ltd. filed an application before the NCLT seeking direction against the Resolution Professional to admit its claim and to reject the Resolution Plan for M/s Mass Metals Pvt. Ltd. The Resolution Plan had already been approved by the Committee of Creditors (CoC) with 79.48% voting share. The Adjudicating Authority had reserved its order on 12.01.2021. The Appellant filed Form-C on 25.02.2021, after the Resolution Plan was approved by the CoC. The NCLT rejected the application, citing that entertaining the objections would amount to 'Hydra propping'. The Appellant then filed an appeal before the NCLAT.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Appellant's application seeking …

**Ratio:** The principle applied is that objections raised after the approval of the Resolution Plan

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**Reasoning:** The NCLAT reasoned that the Adjudicating Authority rightly relied on the judgment of the

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**Interpretation:** The interpretation is that objections to a Resolution Plan should be raised

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**Application:** In this case, the Appellant filed Form-C after the Resolution Plan was approved

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## Parties

- **Judges:** Anant Bijay…; Shreesha…; +1 more
- **Appellants:** Daimler Financial…
- **Respondents:** M/s Mass Metals…; Consortium of…
- **Advocates:** Prasouk…; Honey S…; +1 more

## Timeline

- **2021-03-02 — NCLT Ord…**: The National Company Law Tribunal, New Delhi, passed an order in IA-1116/ND/2021 filed in…
- **2021-01-12 — Order Res…**: The Adjudicating Authority reserved…

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