National Company Law Appellate TribunalSouthern Power Distribution Company Of ... vs G. Madhusudhan Rao on 9 March, 2022NATIONAL COMPANY LAW APPELLATE TRIBUNAL AT CHENNAI\n                 (APPELLATE JURISDICTION)\n\n                          Company Appeal (AT) (CH) (INS) No. 60 of 2022\n                                              and\n                                IA No. 121, 122 and 123 of 2022\n\n            (Under Section 61 of the Insolvency and Bankruptcy Code, 2016)\n              (Arising out of the Order dated 11.02.2020 in IA/1065/2019 in\n             CP(IB)/97/7/HDB/2018 passed by the 'Adjudicating Authority',\n                 (National Company Law Tribunal, Hyderabad Bench)\n\nIn the matter of:\n\nSouthern Power Distribution Company\nof Telangana Ltd.                                                       ...Appellant\n\nV\n\nG. Madhusudhana Rao & 2 Ors.                                            ...Respondents\n\nPresent:\n\nFor Appellant                    :   Ms. Ramya, Advocate\n                                     for Mr. Adithya Reddy, Advocate\n\nFor Respondent No.1:                 Mr. G. Madhusudhan Rao, Ex Resolution Professional\n\n\n                                               ORDER(VIRTUAL MODE)\n\n\n           Heard the Learned Counsel on record Ms. Ramya, appearing for the\n\n'Appellant'.It comes to be known that in the instant Company Appeal (AT)(CH)(INS) No.\n\n60 of 2022 although the 'Appellant' is assailing correctness, validity and legality of\n\nIA No. 121, 122 and 123 of 2022 in\nComp App (AT) (CH) (INS) No. 60 of 2022\nPage | 1\n the 'Impugned Order' dated 11.02.2020 in IA/1065/2019 in CP(IB)/97/7/HDB/2018\n\npassed by the 'Adjudicating Authority' (National Company Law Tribunal, Hyderabad\n\nBench, Hyderabad) in approving the 'Resolution Plan', which got approved by the\n\nMembers of the 'Committee of Creditors' having 99.53% voting shares, in terms of\n\ningredients of Section 31(1) of the Code, this 'Tribunal', sitting at 'Appellate' stage\n\nand on going through the 'Impugned Order' dated 11.02.2020 in IA/1065/2019 in\n\nCP(IB)/97/7/HDB/2018 passed by the 'Adjudicating Authority', (National Company\n\nLaw Tribunal, Hyderabad Bench) is of the earnest view that the 'Resolution Plan' in\n\nthe subject matter and which was got approved on 10.02.2020 by the 'Adjudicating\n\nAuthority' (National Company Law Tribunal, Hyderabad Benchs) and prior to that,\n\nthe said Plan was approved by the majority of Members of 'Committee of Creditors'\n\npossessing 99.9% of the voting shares. Furthermore, the ex-Resolution Professional,\n\nMr. G. Madhusudhan Rao, (1st Respondent) who in-person appeared before this\n\n'Tribunal', brings to the notice of this 'Tribunal' that the 'Resolution Plan' got\n\nimplemented by means of 50% and at this stage, after a lapse of more than two years,\n\nfiling of the instant Company Appeal (AT)(CH)(INS) No. 60 of 2022 on the file of\n\nthis 'Tribunal' is per se not maintainable in the eye of 'Law'.Considering the rival submissions made and also this 'Tribunal' on going\n\nthrough           the       'Impugned     Order'   dated   11.02.2020   IA/1065/2019   in\n\nCP(IB)/97/7/HDB/2018 passed by the 'Adjudicating Authority', National Company\n\nLaw Tribunal, Hyderabad Bench comes to a resultant conclusion that the said\n\nIA No. 121, 122 and 123 of 2022 in\nComp App (AT) (CH) (INS) No. 60 of 2022\nPage | 2\n 'Impugned Order' passed by the 'Adjudicating Authority' is in conformity with the\n\nrequirement of IBC and Regulations and further that the same does not require any\n\ninterference in the Acts of this 'Tribunal'.In view of the fact that the 'Impugned Order' does not fulfill from any material\n\nirregularity or patent illegality in the 'eye of Law'. Looking at from this perspective,\n\nthe instant Company Appeal (AT)(CH)(INS) No. 60 of 2022 is 'Dismissed'. No cost.Connected IA Nos.121, 122 and 123 of 2022 are all closed.[Justice M. Venugopal]\n                                                                     Member (Judicial)\n\n\n                                                                     [Kanthi Narahari]\n                                                                    Member (Technical)\n09.03.2022\nSE\n\n\n\n\nIA No. 121, 122 and 123 of 2022 in\nComp App (AT) (CH) (INS) No. 60 of 2022\nPage | 3