2023 (10) TMI 68

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.... 650 of 2023 Company Appeal (AT) (Insolvency) No. 657 of 2023 & I.A. No. 2192 of 2023 - -<br>Insolvency & Bankruptcy<br>[ Justice Ashok Bhushan] Chairperson , [Barun Mitra] Member (Technical) And [Arun Baroka] Member (Technical) For the Appellant : None. For the Respondents : Mr. Abhishek Anand, Mr. Karan Kohli, Mr. Sajal Jain and Ms. Lubhanshi Rai, Advocates for R-1 (RP) Mr. Sanjay Bajaj, M....

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....earned Counsel for the Appellant submits that these two appellants are resolution applicants whose plans were not approved and order for liquidation has been passed. The Appellant submits that both the Resolution Applicants were ready to enhance the plan value more than the liquidation value and no reasons have been given by the Committee of Creditors as to why their plans have been rejected. ....

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....D and however, no revised offer has been submitted by Gayatri Polyrub Pvt. Ltd. By order dated 20.09.2023, time was allowed to filed an affidavit by CoC. The CoC has now filed an affidavit where it has been stated that the comparison table of both offers have been given and in Para 14 following has been stated: "14. After taking into consideration the latest offer dated 04.08.2023 as subm....

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....than the liquidation value. 5. In view of the facts of the present case, we are of the view that ends of justice be served in giving one opportunity to the CoC to consider the Plan/Revised Offer and take decision on the said offer. 6. It is well settled that objective of the IBC is to revive the Corporate Debtor and liquidation is the last resort. In view of the aforesaid, we set aside order....