2026 (4) TMI 227

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....Vivek & Mr. Naveen Malik, Advocates for R2 - R4 ORDER [ORAL JUDGMENT: Justice Ashok Bhushan (Chairperson)]: Heard the Learned Counsel for the Appellant as well as the Counsel for the Respondent. This Appeal has been filed against the order dated 26.05.2020, by which order the Learned Adjudicating Authority has decided IA Nos.64, 66, 67 & 68/2020 by rejecting the aforesaid IAs and directing for liquidation. The operating portion of the order passed by the Learned Adjudicating Authority on 26.05.2020 is as follows: - "ORDER The Applications in IA No. 64 of 2020, IA No. 66 of 2020, IA No. 67 of 2020 & IA No. 68 of 2020 are rejected on contest. The Resolution Plan submitted in IA No. 64 of 2020 is rejected under section ....

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....te Debtor, except when the business as the Corporate Debtor is continued during the liquidation process by the Liquidator." 2. The Appellant aggrieved by this order has filed this Appeal. It is submitted by the Appellant that the Appellant was the Managing Director of the Corporate Debtor and has submitted a restructuring plan which came to be considered by the Committee of Creditors. However, the Committee of Creditors, in its 20th meeting held on 03.03.2020, resolved to accept where a restructuring plan was submitted by Mr. Madhusudhan Raju Chintalapati. It was resolved that as per the direction given by the Learned NCLT by way of order dated 04.02.2020 proposal is considered and approved. 3. On the basis of the said decision of the....

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....g Authority has rightly not accrued and allowed the IA No.64/2020 since there was no Resolution Plan in accordance with the provisions of the I & B Code, before the Learned Adjudicating Authority. 6. The Learned Counsel for the Respondent submits that they were also aggrieved by the order and filed an appeal, which was already dismissed on 20.07.2020. We have considered the submissions of the Learned Counsel for the parties on perusal and perused the record. It is true that the Committee of Creditors, in its 20th CoC meeting, had approved the restructuring plan submitted by the Appellant, which was placed before the Learned Adjudicating Authority for approval by IA No.64/2020. 7. From the minutes of the Committee of Creditors, it does....