TaxTMI 
TaxTMI 
2023 (12) TMI 1174
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....ies. 2. This appeal has been filed against the order dated 31.08.2023 by which order Adjudicating Authority has allowed the application for liquidation and directed for liquidation. When this appeal was filed this Tribunal has passed following interim order on 18.09.2023: "18.09.2023: Learned counsel for the Appellant submits that decision of the CoC to liquidate was with reasons and the Adjudicating Authority erred in rejecting the application for liquidation. It is submitted that in pursuance of the impugned order, CoC is to meet today and it is likelihood that Form G be issued. Issue notice. Learned counsel for Respondent No.2 has appeared. Let Reply be filed by the Respondents within two weeks. Rejoinder be filed wi....
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....given for taking a decision for liquidation and there was no ground for interfering with the said order. 6. Learned Counsel for the appellant submits that the Resolution Professional after passing of the interim order passed by this Tribunal has published Form-G but no EOI was received, thereafter another application has been filed by Resolution Professional for liquidation. 7. Learned Counsel for the Respondent refuting the submission of Learned Counsel for the Appellant contends that respondent has already challenged the order admitting Section 9 application in the Supreme Court where SLP was dismissed and review petition was also dismissed but a Curative Petition has been filed which is pending consideration. He further submits tha....
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.... "RESOLVED that a resolution under section 33(2) of the Insolvency and Bankruptcy Code, 2016, be and is hereby approved for liquidation of the Corporate Debtor namely 'Metro Jet Airways Training Private Limited'. "RESOLVED FURTHER that Mr. Bhim Sain Goyal, Resolution Professional, be and is hereby authorised to file the requisite application before the Adjudicating Authority, for its orders for liquidation of Corporate Debtor"." 10. Learned Counsel for the Appellant has placed reliance on the Judgment of this Tribunal in three members Bench Judgment in Company Appeal (AT) (Ins.) No. 1062 of 2022 - Sreedhar Tripathy vs. Gujarat State Financial Corporation & Ors. where this Tribunal after noticing Section 33 sub sec....
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.... the CoC. The reasons which has been given in Agenda Item 1, it is made clear by the CoC that the Corporate Debtor is not functioning for last 19 years and all machinery has become scrap, even the building is in dilapidated condition and the CIRP will involve huge costs. We are not convinced with the submission of learned counsel for the Appellant that the CoC's decision is an arbitrary decision. CoC is empowered to take decision under the statutory scheme and when in the present case the decision of the CoC for liquidation has been approved by the Adjudicating Authority, we see not good ground to interfere at the instance of the Appellant. However, we make it clear that the decision taken by the CoC was in the facts of the present case and....
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....& 6 of the Judgment which are as follows: "4. It is strenuously argued by the Appellant that the findings given by the 'Adjudicating Authority' that if the IRP has received the 'Claim' only from one Operational Creditor, he is still required to constitute the CoC with the sole Operational Creditor. 6. This Tribunal is of the earnest view that there is no provision in the Code for the Corporate Debtor to constitute the CoC with a single Operational Creditor, when it is seen from the record that despite the public announcement being made inviting claims from its stakeholders, the Appellant has not received a single 'Claim' from the date of initiation of the Corporate Debtor into CIRP. As the CoC itself is not constituted and....