2021 (9) TMI 435

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....ny Law Tribunal for: a. To pass an order for Replacement of the Liquidator in terms of Section 34(4)(a) of IBC, 2016; b. Direct the Liquidator to confirm from his records whether the depreciated value of the Plant & Machinery is less than Rs. 50 Crore as per the latest MSME classification; c. Direct the Present Liquidator to take steps for a suitable Scheme of Compromise in accordance with, Regulation 2B of IBBI Regulations read with Section 230 of Companies Act or better than the plans received so far, till the new Liquidator has been appointed; d. The main intention of the IBC code is to achieve maximization of the enterprise value and bring back the economic activities of the Corporate Debtor and to ta....

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....sonance with the Section 34(4)(a) of IBC, 2016 and also failure on the part of the Respondent is in not informing his disqualification to the appointed as Liquidator and also providing misleading information, concealment of facts, failure of his duty in violation of Section 35(d) of the IBC, 2016, etc. All the information, allegations made against the Liquidator may not be gone into at this point of time because this Tribunal is now is concerned only with the legal point whether the Respondent's appointment as Liquidator of the Corporate Debtor's estate is in consilience with the law or not. 3. The learned Senior Counsel Shri S. Ravi, appearing for the Applicant submits that the appointment of Mr. Sisirkumar Appikatla prima facie....

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....e actions done by him are without authority and there is no need of any application to be filed by any aggrieved party. Any person can provide the information to this Tribunal that the Respondent or the person holding the charge or functioning as the Liquidator and his very appointment is null and void non-est in the eyes of law, then this Adjudicating Authority has the powers to replace him by following the provisions under Section 34(4)(b) of IBC, 2016. 6. This Bench is conscious that an appeal challenging the Liquidation orders dated 26.05.2020 is pending before Hon'ble National Company Law Appellate Tribunal. I have considered the submissions made by both the parties and after looking into the legal position carefully and after a....