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of <h1>Tribunal sets aside order for asset details, recommends liquidation under Insolvency and Bankruptcy Code.</h1> <h3>Edelweiss Asset Reconstruction Co. Ltd. Versus Shri Shyam Sundar Rathi & Anr.</h3> Edelweiss Asset Reconstruction Co. Ltd. Versus Shri Shyam Sundar Rathi & Anr. - TMI Issues:- Impugned order directing Resolution Professional to produce details of assets of the 'Corporate Debtor' along with the valuation report.- Applicability of Section 33 (2) of the Insolvency and Bankruptcy Code, 2016 for liquidation.- Committee of Creditors' recommendation for liquidation.- Lack of resolution plan for the 'Corporate Debtor.'- Legal infirmity in the impugned order.Analysis:The judgment by the National Company Law Appellate Tribunal, New Delhi, dealt with the appeal against an order passed by the Adjudicating Authority directing the Resolution Professional to provide details of the 'Corporate Debtor's assets and a valuation report. The Appellant argued that the Committee of Creditors had recommended liquidation by unanimous vote, invoking Section 33 (2) of the Insolvency and Bankruptcy Code, 2016, leaving no option for the Adjudicating Authority but to order liquidation. The Resolution Professional confirmed the liquidation application's filing based on the Committee's decision, as the 'Corporate Debtor' was not a going concern and lacked a resolution plan.The Tribunal noted that in the absence of a resolution plan and with the Committee of Creditors opting for liquidation, the Adjudicating Authority had no choice but to order liquidation upon the Section 33 application. The collection of additional material regarding the 'Corporate Debtor's assets and valuation reports was deemed irrelevant to the liquidation decision under Section 33 of the I&B Code. Consequently, due to the legal infirmity in the impugned order, the Tribunal set aside the order and directed the Adjudicating Authority to dispose of the Resolution Professional's application under Section 33 of the I&B Code within a week.In conclusion, the appeal was disposed of, and a copy of the order was to be promptly sent to the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench.
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