TaxTMI 
TaxTMI 
2021 (9) TMI 1268
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....for Respondent No. 4. Mr. Sanjay Lodha, Advocate for Respondent No. 8 ORDER ( Virtual Mode ) M. Venugopal (J) According to the Learned Counsel for the Applicant / Appellant, the Appellant / Company has filed the instant Comp. App. (AT)(Ins.) 314/2020 on the file of this Appellate Tribunal, being dissatisfied with the order dated 30.12.2019 passed by the 'Adjudicating Authority' (National Company Law Tribunal) Bengaluru Bench in I.A. No. 47/2019 in CP(IB)No. 14/BB/2017(filed u/s 33(1) r/w Section 60(5) of the I&B Code, 2016) (filed by the First Respondent / Resolution Professional of 'M/s. Falcon Tyres Limted c/o Deloitte Touche Tohmatsu India LLP', Mumbai - 400013. 2. The Learned Counsel for the Applicant / Appellant brings to the not....
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....mpugned order dated 30.12.2019 in I.A. No. 47/2019 in CP(IB)No.14/BB/2017(filed u/s 33(1) r/w Section 60(5) of the I&B Code, 2016) the Appellant (the Applicant in IA No. 436/2020) has preferred the instant Co. Appl. (AT)(Ins.)314/2020 on the file of this Tribunal contending that the 'Adjudicating Authority' has passed the impugned order by not applying its judicial mind by simply putting a rubber stamp on the observations of the 'Committee of Creditors' in a meeting which was specifically directed by the 'Adjudicating Authority' to reconsider the 'Resolution Plan' so that the 'Corporate Debtor' could be revived. 6. The plea taken by the Applicant / Appellant in the instant Comp. App. (AT)(Ins.)314/2020 is that the 'Adjudicating Authority' ....
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.... it to the notice of this Tribunal, that the status of 1500 Workers are at stake and if the Company is sold like that in the proposed Auction on 29.9.2021, then, an irreparable loss/injury/ hardship will be caused to the Applicant/Appellant and refers to the to the decision of Hon'ble Supreme Court in 'Árcelor Mittal India Pvt. Ltd. V. Satish Kumar Gupta & Ors., 2019 (2SCC pg. 1). 11. The Applicant / Appellant has projected I.A. No. 436/2021 in Comp. App.(AT)(Ins.)314/2020 seeking stay of all further proceedings carried on either by the Adjudicating Authority (National Company Law Tribunal) or by the Liquidator including the stay of ''E-Auction' to be held on 29.09.2021 between 11.00 a.m. and 3.00 P.M. by the Liquidator in terms of ....
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....orate Debtor, which were undertaken prior to the present attempt towards auction of the same. Further, the present attempt in filing IA 436/2021 is nothing but an attempt to scuttle the 'Liquidation Process', contrary to the letter and spirit of the 'I&B' Code, 2016. 16. The Learned Counsel for the eighth Respondent submits that the 'Resolution Applicant' had not proved its 'Bonafide' towards the Resolution Plan submitted by it as recorded at paragraph 7 of the impugned order on 30.12.2019. Furthermore, resting on numerous offers and contentions made by the 'Resolution Applicant', the issue of 'Resolution' was again reconsidered by the 'Committee of Creditors' by calling a meeting of the Financial Creditors on 25.09.2019 to discuss the rev....
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.... shall be subject to the terms and conditions of the sale, as mentioned in the complete 'E-Auction' process document. 20. The Learned Counsel for the eighth Respondent refers to the judgement of Hon'ble Supreme Court in 'K.Sashidhar' V. 'Indian Overseas Bank & Ors.' (Vide Civil Appeal No. 10673/2018) for the proposition that 'Commercial Wisdom' of the 'Committee of Creditors' is 'Paramount and Supreme'. 21. The Learned Counsel for the Eighth Respondent refers to the decision of Hon'ble Supreme Court in 'Arcelor Mittal India Pvt. Ltd.' V. 'Satish Kr. Gupta', reported in 2019 2SCC p.1) wherein at paragraph 77 it is observed that "However, it must not be forgotten that a Resolution Professional is only to examine and confirm' that each Resol....