KARAD URBAN COOPERATIVE BANK LIMITED Vs. SWWAPNIL BHINGARDEVAY
LAWS(SC)-2020-9-7
SUPREME COURT OF INDIA
Decided on September 04,2020

Karad Urban Cooperative Bank Limited Appellant
VERSUS
Swwapnil Bhingardevay Respondents


Referred Judgements :-

K. SASHIDHAR VS. INDIAN OVERSEAS BANK [REFERRED TO]





JUDGEMENT

V.RAMASUBRAMANIAN, J. - (1.)Challenging an order passed by the National Company Law Appellate Tribunal (hereinafter referred to as 'NCLAT') (i) setting aside the approval granted by the National Company Law Tribunal (hereinafter referred to as 'NCLT') to a Resolution Plan and (ii) remanding the matter back to the NCLT with a direction to have the Resolution Plan re-submitted before the Committee of Creditors, the financial creditor and the Resolution Professional have come up with these appeals.
(2.)We have heard learned counsel appearing on both sides.
(3.)The Karad Urban Cooperative Bank Ltd., which is the financial creditor, filed an application on 04.09.2017 under Section 7 of the IBC before the NCLT against M/s. Khandoba Prasanna Sakhar Karkhana Limited, which is the corporate debtor. NCLT admitted the application on 01.01.2018 and an Interim Resolution Professional was appointed. The first meeting of the Committee of Creditors (hereinafter referred to as 'CoC') took place on 02.03.2018. As per the decision taken therein, one Mr. Jitendra Palande was appointed by the NCLT, by an order dated 06.03.2018, as Resolution Professional.
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