2022 (9) TMI 224

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....l (AT) (Insolvency) No. 1074 of 2022 - -<br>Insolvency & Bankruptcy<br>[ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For the Appellant : Ms. Purnima Maheshwari and Mr. Alok Gupta , Advocates For the Respondent : Mr. A. Tripathi and Ms. Sreenita Ghosh Tahkker , Advocates ORDER Heard learned counsel for the Appellant as well as learned counsel appearing f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... c. Direct the Resolution Professional to follow the steps needed under Section 18 and Section 20(2)(a) of the IBC including Forensic Audit Report before proposing liquidation of Corporate Debtor; and/or; d. Change the Resolution Professional , if needed ; " 2. The Adjudicating Authority after considering the application of the Appellant has rejected the same, in Para 5 and 6 of the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Regulation 34A of the Insolvency Resolution Process for the Corporate Person or any other provisions under the Code. The Application is hereby rejected." 3. Learned counsel for the Appellant challenging the order contends that the Appellant had wanted to know steps taken by the Resolution Professional in the insolvency resolution process. It is stated that no steps for any audit were taken nor ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the corporate debtor, any time after its constitution under sub-section (1) of section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum.]" 5. In the present case, the CIRP had commenced on 19.12.2019 and after more than two years, resolution was passed on 28.06.2022 for liquidation. The Application which was filed ....