On August 31, a 2-member bench comprising Judicial Member Ashok Kumar Bhardwaj and Technical Member Reena Sinha Puri held that no final order could be passed on the basis of the opinion delivered by third member Nilesh Sharma on August 25.
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The 2-member bench found that the 3 members had taken materially different positions on the repayment plan.
Bhardwaj had originally favoured approving the plan only in relation to creditors who supported it. He proposed allowing dissenting creditors, including banks and financial institutions, to continue pursuing independent remedies for recovery of their debts.
Puri, however, rejected the repayment plan after finding serious defects in the process followed by the resolution professional.
