# In the matter of Tata Steel Ltd. vs. Liberty House Group Pvt. Ltd. & Ors.

> NCLAT judgment dated 2018-05-09. Citation: TCN-2018-NCLAT-00293. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** NCLAT
- **Order date:** 9 May 2018
- **Citation:** TCN-2018-NCLAT-00293
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/tata-steel-ltd-vs-liberty-house-group-pvt-ltd-ors-571afa9e

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning a resolution plan under the Insolvency and Bankruptcy Code. During the pendency of the appeal, the Committee of Creditors (CoC) is permitted to consider resolution plans submitted by applicants, subject to the appeal's outcome. The CoC must record reasons for rejecting any plan and consider suggestions from the Board of Directors or Operational Creditors. The CoC should also assess whether the Resolution Applicant(s) have made provisions for other creditors, including secured, unsecured, employees, and government dues. The CoC may approve a plan with prior permission from the NCLAT but must not present it to the Adjudicating Authority and keep it sealed.

## Facts

Tata Steel Ltd. is the Appellant in this case. Liberty House Group Pte. Ltd. & Ors. are the Respondents. The case is an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning a resolution plan under the Insolvency and Bankruptcy Code. The Committee of Creditors (CoC) is allowed to consider resolution plans submitted by applicants during the appeal's pendency, subject to the appeal's outcome. The CoC must record reasons for rejecting any plan and consider suggestions from the Board of Directors or Operational Creditors. The CoC should also assess whether the Resolution Applicant(s) have made provisions for other creditors, including secured, unsecured, employees, and government dues. The CoC may approve a plan with prior permission from the

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## Issues and analysis

### Issue 1: Whether the Committee of Creditors can consider Resolution Plans during the pendency of an appeal …

**Ratio:** The Committee of Creditors may consider the Resolution Plan submitted by all the

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**Reasoning:** The court allows the CoC to consider resolution plans during the appeal to expedite the

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**Interpretation:** This allows the insolvency resolution process to continue even while an appeal

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**Application:** The CoC can proceed with evaluating resolution plans, but any approval is

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** TATA STEE…
- **Respondents:** Liberty House…

## Timeline

- **2018-05-09 — Notice Acce…**: Advocates accept notice on behalf…
- **2018-05-24 — Matter for Ad…**: The matter is posted…

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