2023 (2) TMI 239

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.... ORDER ( Virtual Mode ) Justice M. Venugopal, Member (Judicial) : IA No. 105 of 2023 in Comp. App (AT) (CH) (INS.) No. 4 of 2023 : The 'Petitioner' / 'BMW India Financial Services Pvt. Ltd.' ('Financial Creditor' / 'Original Financial Creditor' of the 'Corporate Debtor') has filed IA No. 105 of 2023 to intervene in Comp. App (AT) (CH) (INS.) No. 4 of 2023. 2. According to the Petitioner in IA No. 105 of 2023 in Comp. App (AT) (CH) (INS.) No. 4 of 2023, the 'Liquidation Order', does not merit any interference because of the fact that in the instant case, the 'Committee of Creditors', by means of 97.7% majority took a 'commercial decision', to 'Liquidate' the 'Corporate Debtor'. Also that, the 'commercial wisdom' of the 'Com....

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....ers' of the 'Corporate Debtor', and the 'Balance of Convenience' in the present case, is in favour of the 'Petitioner' and against the 'Appellant'. 7. The Learned Counsel for the Petitioner / Intervenor points out that the valid 'Claim' of the 'Petitioner', 'Stakeholders' of the 'Corporate Debtor' and the 'Claim' of the other 'Creditors', is sought to be defeated by the 'Appellant' ('1st Respondent'), by derailing the 'Proceedings', as envisaged under the 'Code'. 8. According to the Petitioner, 97.70% of the 'Committee of Creditors', had voted in favour of the 'Resolution' and despite issuance of two Form Gs, only one 'Expression of Interest', was received, and that too from the 'Appellant', whose 'Plan', had serious discrepancies and....

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.... contention of the '1st Respondent' / Appellant' that the 'Corporate Debtor', was a non-exclusive Dealer of BMW India Private Limited, involved in the Business of selling BMW Cars in Kerala State and BMW India, is one of the 'Financial Creditors' of the 'Corporate Debtor', having a Voting Share of 9.48% in the 'Committee of Creditors'. Before the 'Adjudicating Authority', the 'Liquidator', filed an 'Application', for passing an 'Order of Liquidation', of the 'Corporate Debtor' and the 'Adjudicating Authority', passed an 'Order of Liquidation', on 30.09.2022, resulting in the instant Comp. App (AT) (CH) (INS.) No. 4 of 2023, projected by the '1st Respondent' ('Petitioner / Appellant'). 13. It comes to be known that before the 'Adjudicatin....