2018 (4) TMI 276

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....d 15th November, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, in Company Petition (IB) No. 213/KB/2017, whereby and whereunder the Adjudicating Authority decided not to appoint the 'Resolution Professional' ('Appellant' herein) as 'Liquidator', he having failed to take appropriate steps for completing the 'Resolution Plan' and appointed one Ms. Mamta Binani, as 'Liquidator'. 2. Learned counsel appearing on behalf of the Appellant submitted that the observation of the Adjudicating Authority is contrary to the relevant fact which should be expunged. 3. It was also submitted that the Adjudicating Authority wrongly recorded that the Appellant did not issue advertisement in the newspaper fo....

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....se the Insolvency and Bankruptcy Board of India (hereinafter referred to as "Board") recommends the replacement of the 'Resolution Professional' for reasons to be recorded in writing. 6. According to Appellant, in the present case the eventualities under sub-section (4) of Section 34 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code') are not triggered as there was no 'Resolution Plan' for the Resolution of the 'Corporate Debtor'. Therefore, there is no question of any contravention of requirement of sub-section (2) of Section 30 of the 'I&B Code'. It was also submitted that there was no recommendation from the 'Board' for replacement of the Appellant and the Board is not empowered to propose name of 'Insolv....