Appeal dismissed, liquidation order upheld; no settlements with promoters, creditors; assets frozen.

The appeal was dismissed by the Appellate Tribunal, upholding the liquidation order issued under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Tribunal emphasized adherence to established precedents and prohibited further settlements with promoters and creditors, despite the appellant's willingness to clear dues. An interim order was passed to prevent dealings with the Corporate Debtor's assets, citing the possibility of saving the entity under Section 230 of the Companies Act, 2013. The appeal was disposed of without costs awarded.

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Issues: Liquidation order under Section 33(2) of the Insolvency and Bankruptcy Code, 2016; Settlement with promoters and creditors; Possibility of saving the Corporate Debtor under Section 230 of the Companies Act, 2013; Prohibition on sale or transfer of Corporate Debtor's property; Precedents regarding liquidator's actions.

The judgment pertains to an appeal filed by a shareholder against a liquidation order issued by the Adjudicating Authority under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The appellant claimed that a substantial amount was already settled, but the resolution process did not allow further settlements with promoters and creditors. The appellant suggested that the Corporate Debtor could potentially be saved under Section 230 of the Companies Act, 2013. An interim order was passed to prevent the liquidator or Adjudicating Authority from dealing with the Corporate Debtor's assets. The Appellate Tribunal referenced previous cases like "S.C. Sekaran v. Amit Gupta & Ors." and "Y. Shivram Prasad Vs S. Dhanapal & Ors." to guide the liquidator's actions. Despite the appellant's willingness to clear all dues, the Tribunal emphasized that no settlement order could be granted, directing the liquidator to proceed as per the established precedents. The appeal was disposed of with these directions, and no costs were awarded.

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