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2020 (11) TMI 1072 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHISeeking reconsideration of Scheme of Compromise and Arrangement under Section 230 of the Companies Act, 2013 - HELD THAT:- The Corporate Debtor is under liquidation since 11th January, 2018. The Scheme of Compromise and Arrangement for revival of the Corporate Debtor (Company) has been rejected by the secured creditors. Admittedly, 90 days’ limit from the date of the order of liquidation has elapsed. Now after lapse of more than two years, the Adjudicating Authority has declined to reconsider the Scheme on the same grounds as were taken earlier for approval of the Scheme. The revised Scheme placed by Shareholders before the Creditors has been rejected. It is noticed from the impugned order that the creditors have objected to the addition of ‘TEV Study’. It goes without saying that the Scheme of Compromise sought to be reconsidered on the basis of ‘TEV Study’ could not be forced upon the stakeholders who were unwilling to consider the same even after addition of ‘TEV Study’ - no change in circumstances warranting reconsideration at the hands of the Adjudicating Authority was made out and the Adjudicating Authority was right in dismissing the application. Appeal dismissed.
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