TaxTMI 
TaxTMI 
2025 (12) TMI 373
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....s been filed against order dated 20.06.2025 by which order the Adjudicating Authority has allowed I.A. (IB) (LIQ) No.41/KB/2024. Appellant aggrieved by the order has come up in this appeal. 2. Learned counsel for the Appellant submits that the Appellant has given a higher offer and filed an application on 15.05.2025 seeking the direction to consider the higher offer given by the Appellant. It is submitted that consideration of higher offer was in accordance with the objects of CIRP and the Adjudicating Authority kept the application pending and has allowed the application filed by the Resolution Professional and directed for liquidation. He submits that in application filed by the Appellant time was granted to file reply and application ....
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....ON OF THE LIQUIDATION PROCEEDINGS AGAINST THE CORPORATE DEBTOR FILED U/S 33 OF THE CODE. The Rebooted CIRP against the Corporate Debtor was initiated by the Hon'ble National Company Law Tribunal (NCLT) by its order dated 13th March 2024. Thereafter, with the approval of the CoC and the Hon'ble NCLT, Kolkata Bench, the last date of the Process was extended from time to time, with the latest extension granted by the Hon'ble NCLT by its order dated 26th November 2024, extending the last date of the rebooted CIRP period until 22nd December 2024. Prior to the expiration of this period, the 21st CoC meeting was convened on 16th December 2024 and subsequently adjourned to 20th December 2024. However, during this meeting, the C....
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....n of the CoC on other allied matters relating to the liquidation of the Corporate Debtor. Since SBI has decided to approve the Liquidation of the Corporate Debtor, the only decision pending is from Sugesan Transport Private Limited (STPL) on this matter. The representative from STPL indicated that additional time would be needed to reach a final decision on this matter. At this stage, the RP pointed out that according to CIRP Regulation 24(7), the RP must circulate the minutes of the meeting to all participants electronically within forty-eight hours of the meeting. No official communication from STPL was received regarding their decision on this matter by the time the meeting minutes were circulated." 7. Present is a case where....
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...., V. Navaneetha Krishnan vs. Central Bank of India, Coimbatore & Another", where according to the Appellant, Section 12A proposal was directed to be considered after decision was taken to go for liquidation and 180 days of CIRP were over. Para 4 and 5 of the judgment is as follows: "4. Taking into consideration the fact that the 'resolution plan' was submitted on 178th day and on the next day i.e. 179th day the "Committee of Creditors' decided to go for liquidation as 180 day was to be completed and order under Section 31 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the '1&B Code) was required to be passed and in absence of any good reason for extension of time, we are not inclined to gran....