2018 (6) TMI 493

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....Systems Private Limited-('Corporate Debtor') against an order dated 19th March, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, Chennai in CA/61/2017 in CP/510/(IB)/2017, whereby and whereunder the Adjudicating Authority passed order of liquidation of the 'Corporate Debtor'. 2. The 'Corporate Debtor'- M/s. Veesons Energy Systems Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "I&B Code"), which was admitted on 19th June, 2017, the order of 'Moratorium' was passed and the 'Interim Resolution Professional' was appointed. 3. On completion of 270 days, which ended on 12th March, 2018, the Adjudicating Authority passed t....

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.... representative of IDBI Capital Markets Pvt. Ltd. was also invited to finalize the 'Resolution Plan', but because of the objections of the 'State Bank of India', the other 'Financial Creditors' could not express their views. 7. Learned counsel appearing on behalf of the Appellant while highlighting the object of the 'I&B Code' submitted that the 'State Bank of India' stalled implementation of the order of the Adjudicating Authority and overturned the process of resolution till the end. It was also alleged that the 'Resolution Professional' who is required to be a neutral entity and was expected to perform his duties objectively, without bias he had not acted in the manner and in accordance with law. 8. Learned counsel for the 3rd Resp....