NCLAT : In Shri Ram Residency Pvt. Ltd. vs. Kuldeep Verma

Once the ‘Resolution Plans’ are clear and placed before the ‘Committee of Creditors’, the ‘Resolution Professional’ has no power to issue another revised Information Memorandum till the reason for such ‘revised Information Memorandum’ is brought to the notice of the ‘Committee of Creditors’ and the ‘Committee of Creditors’ allows the ‘Resolution Professional’ to prepare a revised Information Memorandum.

The ‘Resolution Plan’ of the Appellant having been approved by the ‘Committee of Creditors’ with 98.05% voting shares and it having been found viable and feasible and as it meets the requirements as referred to in sub-section (2) of Section 30, we direct the Adjudicating Authority to approve the ‘Resolution Plan’ submitted by the Appellant, as approved by the ‘Committee of Creditors’ and pass appropriate order. For such order no further hearing is required to be given except the information to the parties as the matter has been finally decided by this Appellate Tribunal.

Link : http://ibcode2016.com/wp-content/uploads/2018/07/24th-Jul-2018-Shri-Ram-Residency-Pvt.-Ltd.-Vs.-Kuldeep-Verma-RP-Jalan-Intercontinental-Pvt.-Ltd.-Ors..pdf