A Bench of the Supreme Court comprising Justice P.S. Narasimha and Justice Alok Aradhe heard a matter concerning the setting aside of a fully implemented resolution plan after nearly six years of initiation of CIRP.

During the hearing, Sr Ad Abhishek Manu Singhvi appearing for the Financial Creditor argued that the plan had been approved by the Committee of Creditors and implemented, and that the order setting it aside was based on an apparent computational error.

He submitted that there had been no stay on implementation of the resolution plan during the intervening period and contended that setting the plan aside after six years of CIRP Commencement would effectively require the Corporate Insolvency Resolution Process to be restarted and a fresh Form G to be issued.

Sr Adv Abhimanyu Bhandari appearing for financial creditor argued that the Committee of Creditors had already recovered its dues and the plan was implemented. He argued that it had taken 6 long years to get recover the dues and the COC would have to start from ground zero.

The Bench also considered concerns regarding the status of the land forming part of the resolution plan and objections of GIDC, the lessor and directed that no steps detrimental to the property be taken pending further proceedings and parties were to maintain status quo.

The parties sought time to file their respective replies, within two weeks.

Sr Adv Ranjeet Kumar appeared for GIDC . The successful resolution applicant was represented by Sr Adv Mukul Rohatgi.