2020 (9) TMI 52

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....IRP (R-1) Mr. Tushar Mehta, Solicitor General of India Mr. AbhinavVasisht, Senior Advocate with Ms. Misha, Ms. Priya Singh, Mr. Siddhant Kant, Ms. Charu Bansal, Advocates for Respondent No. 2 Mr. SumeshDhawan and Ms. VatsalaKak, Advocates for suspended Board of Directors ORDER ( Through Virtual Mode ) Appellants - 'M/s. Vistara (ITCL) Ltd. and Ors.'are aggrieved of dismissal of their I.A. 62 of 2020 in CP (IB) No. 42/Chd./Hry./2017 at the hands of Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh. The application in question had been filed against the Resolution Professional and the Committee of Creditors of the Corporate Debtor - 'M/s. Amtek Auto Limited' under Section 60(5) of the I&B Code on 11th Feb....

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....'Liberty House Group' (LHGfor short) in the year 2017 protected and preserved the pledge created in favour of Appellant No. 1 by the Corporate Debtor. Subsequently, the resolution plan recognizing Appellant No.1's security came to be approved by the Committee of Creditors with overwhelming majority and the Committee of Creditors acknowledged the pledge in favour of the Appellant No. 1 while voting in favour of LHG's resolution plan. However, LHG did not fulfil its commitment. Committee of Creditors came to be reconstituted under orders of Adjudicating Authority, for consideration of the DVI's plan. Subsequently, Committee of Creditors filed an appeal before this Appellate Tribunal assailing the order of the Adjudicating Authority rejecting ....