2022 (10) TMI 1143

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....n of the Corporate Debtor. Learned counsel for the Appellant challenging the order contends that present is a case where decision of the CoC has been arbitrarily taken. It is submitted that the CoC never wanted to continue with the CIRP and after having been constituted, after admission of Section 10 application assets, were never handed over to the Resolution Professional, hence, Resolution Professional could not draw Information Memorandum and issue EOI. 2. We have considered the submissions of learned counsel for the Appellant and perused the record. 3. The Appellant himself has brought on record the Minutes of CoC meeting dated 05.04.2021 as Annexure A-12. The CoC initially, at Agenda Item 1, took a decision for withdrawal under S....

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....olution Professional be and is hereby authorised to make an appropriate application seeking an order of liquidation of the Corporate Debtor as per the provisions contained in Sec. 33(2) of the Insolvency and Bankruptcy Code, 2016"" 5. The grievance of the Appellant is that CoC's decision is arbitrary decision, it cannot be said to be decision taken in commercial wisdom of the CoC. 6. Section 33 Sub-section (2) of the I&B Code which deals with initiation of liquidation, is as follows:- "2. Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors 1[approved by no....