2023 (11) TMI 482

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....5240 of 2023 , Company Appeal (AT) (Insolvency) No. 1465- 1466 of 2023 & I.A. No. 5250 of 2023 - -<br>Insolvency & Bankruptcy<br>[Justice Ashok Bhushan] Chairperson And [Mr. Barun Mitra] Member (Technical) For the Appellant : Mr. Sahil Chandra, Advocate ORDER Heard Learned Counsel for the Appellant. 2. These two appeals have been filed against the Order dated 15.09.2023 by which order ....

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....22 resolving to liquidate the Corporate Debtor since no resolution plan has been received in the CIRP. In pursuance of the decision of the CoC to liquidate the Corporate Debtor, I.A. was filed by the RP being I.A. No. 105/AHM/2022. The Appellant also filed I.A. No. 25/AHM/2023 where following prayers were made: "A. This Hon&#39;ble Adjudicating Authority may be pleased to set aside the Co....

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....is Hon&#39;ble Adjudicating Authority may be pleased to pass any other and further orders as may be deemed fit and proper in the interest of justice". 4. The adjudicating Authority by the Impugned Order has allowed the Application of Resolution Professional directing for liquidation of the Corporate Debtor and simultaneously rejected the I.A. No. 25/AHM/2023 filed by the Appellant. 5. Learne....

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....5/AHM/2023 to set aside the entire CIRP was wholly misconceived. When no resolution plan has come up in the CIRP, Liquidation is only option which was rightly resolved by the CoC in its meeting as noticed above. The Adjudicating Authority did not commit any error in allowing the Application of Resolution Professional for liquidation. 8. Learned Counsel for the Appellant further contended that A....