The case involves an appeal against an order dated 30th January 2020, passed by the National Company Law Tribunal (NCLT), Cuttack Bench, which dismissed an application by the appellant, IMR Metallurgical Resources AG, seeking intervention and reconsideration of its Resolution Plan. The appellant argued that the Adjudicating Authority failed to exercise its power under Section 31 of the Insolvency and Bankruptcy Code (IBC) by not properly evaluating the resolution plans, particularly regarding irregularities committed by the Resolution Professional (RP) and the Committee of Creditors (CoC) in applying the evaluation matrix.
IMR Metallurgical Resources AG (IMR) filed an appeal against the impugned judgment dated January 30, 2020, passed by the NCLT Cuttack Bench. The NCLT had dismissed IMR's application seeking intervention and directions for reconsideration of its Resolution Plan. IMR contended that the Adjudicating Authority failed to exercise its power under Section 31 of the IBC, which mandates the application of mind before approving or rejecting a Resolution Plan. IMR argued that the CoC did not accept its Resolution Plan, communicated via email on November 13, 2019. The RP then filed an application under Section 31 of the IBC for approval of the Resolution Plan. IMR immediately applied Rule 11 of the NCLT Rule read with Section 60(5) of the IBC, seeking intervention and directions
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The case involves an appeal against an order dated 30th January 2020, passed by the National Company Law Tribunal (NCLT), Cuttack Bench, which dismissed an application by the appellant, IMR Metallurgical Resources AG, seeking intervention and reconsideration of its Resolution Plan. The appellant argued that the Adjudicating Authority failed to exercise its power under Section 31 of the Insolvency and Bankruptcy Code (IBC) by not properly evaluating the resolution plans, particularly regarding irregularities committed by the Resolution Professional (RP) and the Committee of Creditors (CoC) in applying the evaluation matrix.
IMR Metallurgical Resources AG (IMR) filed an appeal against the impugned judgment dated January 30, 2020, passed by the NCLT Cuttack Bench. The NCLT had dismissed IMR's application seeking intervention and directions for reconsideration of its Resolution Plan. IMR contended that the Adjudicating Authority failed to exercise its power under Section 31 of the IBC, which mandates the application of mind before approving or rejecting a Resolution Plan. IMR argued that the CoC did not accept its Resolution Plan, communicated via email on November 13, 2019. The RP then filed an application under Section 31 of the IBC for approval of the Resolution Plan. IMR immediately applied Rule 11 of the NCLT Rule read with Section 60(5) of the IBC, seeking intervention and directions
…Date of the impugned…
Date of email communication to the…