2020 (12) TMI 1133

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.... ORDER Heard Counsel for the Appellant. This Appeal has been filed against Impugned Order dated 19th November, 2020 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in I.A. 1141 of 2020 in CP(IB) No.197 of 2018. It is argued that Section 7 Application was admitted against the Corporate Debtor - Unimark Remedies Ltd. on 3rd April, 2018. Thereafter, the Resolution Professional - Mr. Amit Gupta appointed two registered Valuers - No. 1) Delta and 2) R & C as per Regulation 27 of Insolvency and Bankruptcy Board of India (CIRP Regulations). It is stated that Corporation Bank having about 7% voting rights filed Application before the Adjudicating Authority disputing the valuation done. Thereafter Order (Annex....

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....on 28th January, 2020 and the Hon'ble Member in the operative part of the Order directed as under:- Therefore, it is ordered that the Resolution Professional take steps to appoint a fresh Valuer with a limited scope of valuing the Intangible asset considering the International standard of Valuation of a Pharmaceutical Company and submit his report within a period of two weeks of receipt of the order copy and the COC is directed to re-consider the valuation submitted by the third Valuer." 4. It is argued that the third Member had gone beyond the issue which was referred. 5. However, it is noticed that the said Order was challenged in Appeal before this Tribunal (Annexure A-9 Page - 172) in Company Appeal (AT) (Ins) No.418 of 2....

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....urther Orders as under:- "We will appoint a suitable expert valuer to value afresh both tangible and intangible assets, on the next date of hearing after obtaining necessary information from the market. We have requested Mr. Ram Ratan Kanoonago, a senior Chartered Accountant and also registered Resolution Professional to find someone by making enquiries and we also would request Mr. S. Raghunath & Co., Chartered Accountant and Resolution Professional to assist us for appointing a suitable valuer." 7. It is stated that later the matter had come up before another Hon'ble Bench which has passed the Impugned Order dated 19th November, 2020. It is stated that the Adjudicating Authority in Impugned Order reviewed Order dated 24.02.202....

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....and, the Corporation Bank does not have faith on the CoC, the RP as well as the GAA Advisory and therefore, wants this Tribunal to appoint a fresh valuer for conducting the valuation process. We are of the opinion that the Corporation Bank holds approximately only about 7% of the share in the CoC and has time and again raised objections which has resulted in delay in the process of CIRP. As mentioned by the Resolution Professional, the Corporate Debtor has already crossed 550 days of CIRP and is incurring huge expenditure. We would like to consent to the order passed by the Special Bench comprised of Member (Judicial) Mrs. Suchitra Kanuparthi. Therefore, with a view to expedite the process, as the GAA Advisors are....