[2021 ]228 CompCas1 (SC ), 2021 INSC 395 , (2021 )10 SCC623 , 2021 (6 ) SCJ 689 , [2021 ]167 SCL508 (SC ), [2021 ]8 SCR938 , ,MANU/SC/0516/2021D.Y. Chandrachud#M.R. Shah#238SC3020Judgment/OrderAIR#BC#CompCas#INSC#MANU#SCC#SCJ#SCL#SCRD.Y. Chandrachud,Telecom#TelecomSUPREME COURT OF INDIA2021-8-11692447,773759,692411,692395,692435,692446,692405,692412,692385 -->

MANU/SC/0516/2021

True Court CopyTM English

IN THE SUPREME COURT OF INDIA

Civil Appeal No. 676 of 2021

Decided On: 10.08.2021

Appellants: Pratap Technocrats (P) Ltd. and Ors. Vs. Respondent: Monitoring Committee of Reliance Infratel Limited and Ors.

Hon'ble Judges/Coram:
Dr. D.Y. Chandrachud and M.R. Shah

JUDGMENT

Dr. D.Y. Chandrachud, J.

Index

A

The Appeal

B

Corporate Resolution Insolvency Process

C

Approval of Resolution Plan

D

Challenge before Appellate Tribunal

E

Submissions

F

Analysis

F.1 Clearing the ground

F.2 Jurisdiction to approve a Resolution Plan

F.3 Exercise of jurisdiction

G

Conclusion

A. Appeal

1. This appeal arises Under Section 62 of the Insolvency and Bankruptcy Code1, against a judgment the dated 4 January 2021 of the National Company Law Appellate Tribunal2. Reliance Infratel Limited3 is the corporate debtor. The Appellants are operational creditors. By its order dated 3 December 2020, the National Company Law Tribunal, Mumbai4, approved the resolution plan formulated in the course of the insolvency resolution process5 of the Corporate Debtor. The NCLAT has upheld the order.

B. Corporate Resolution Insolvency Process

2. The CIRP of the Corporate Debtor was initiated by an order dated 15 May 2018 of the NCLT. An interim resolution professional6 was appointed on 18 May 2018. The IRP issued a public announcement on 21 May 2018 inviting claims from the creditors of the Corporate Debtor. The order of the NCLT admitting the corporate debtor to the CIRP was challenged in appeal, and the order of admission was stayed on 30 May 2018. On 30 April 2019, the NCLAT vacated the stay on the C........