VISHAL VIJAY KALANTRI Vs. DBM GEOTECHNICS AND CONSTRUCTIONS PVT. LTD. AND ORS.
LAWS(SC)-2020-7-40
SUPREME COURT OF INDIA
Decided on July 20,2020

Vishal Vijay Kalantri Appellant
VERSUS
Dbm Geotechnics And Constructions Pvt. Ltd. And Ors. Respondents




JUDGEMENT

- (1.)This appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (I.B. code, for short) is directed against the order dated 12.03.2020 passed by the National Company Law Appellate Tribunal, New Delhi (for short "NCLAT") in Company Appeal (AT) (Insolvency) No.139 of 2018.
(2.)During the course of its order, the NCLAT observed as under:
"11. The voting on the resolution for approval of Settlement Proposal under Section 12A of the I&B Code proposed at the "Committee of Creditors " Meeting held on 13th September 2019 was Signature Not Verified concluded on 17th September, 2019. From Digitally signed by MUKESH KUMAR Date: 2020.07.22 the results of the voting, it was noted 16:16:55 IST Reason: that the resolution for withdrawal of "corporate insolvency resolution process " under Section 12A of the I&B Code was rejected by the members of the "Committee of Creditors " by 99.68% voting shares and "Committee of Creditors " members having the remaining 0.3% voting shares abstained from voting. As such, it is unequivocally clear that the resolution for withdrawal of "corporate insolvency resolution process " under Section 12A of the I&B Code came to be rejected by the members of the "Committee of Creditors " as the same could not muster the requisite 90% voting share.

12. It is pertinent to mention that the said Resolution Plan of the "APSEZL " was found to be in compliance with Section 30(2) of the I&B Code and Regulation 38 of the CIRP Regulations. Since, the withdrawal resolution under Section 12A of the I&B Code stood rejected by the members of the "Committee of Creditors", as per the instructions of the "Committee of nd Creditors" in its 22 Meeting, the Resolution Professional put the Resolution Plan submitted by APSEZL for voting by the members of the "Committee of Creditors". The voting th on the same commenced on 17 September, 2019 and concluded on 19th September, 2019.

13. On 19th September, 2019, the voting results were received which revealed that the Resolution Plan submitted by APSEZ was approved by the members of the "Committee of Creditors" with 99.68% votes." It was also recorded that the Settlement Proposal of the appellant under Section 12A of the I.B. Code was rejected by 99.68% votes of the Committee of Creditors (CoC, for short).

(3.)The facts on record indicate that a notice invoking arbitration was issued on 29.07.2016 by respondent no.1 in relation to Contract No.2 whereafter an application under Section 11(6) of the Arbitration and Conciliation Act, 1996 was filed in the High Court of Bombay on 15.12.2016. A notice was also issued on 23.03.2017 invoking arbitration in relation to Contract No.1. Thereafter, Consent Terms dated 29.03.2017 were entered into, in terms whereof, the Notice dated 23.03.2017 stood withdrawn. It appears that Consent Terms did not fructify and completely failed.
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