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2019 (2) TMI 1672 - NATIONAL COMPANY LAW TRIBUNAL, HYDERABADDeclaration of Resolution No. 4 and 7 of COC put for E- voting on 19th and 20th of July, 2018 to have been passed/ approved by requisite majority under the provisions of IBC, 2016 - whether Resolution No. 7 of 5th COC meeting deals with changes in the appointment /terms of contract of statutory auditors or internal auditors of corporate debtor? - HELD THAT:- Resolution NO. 7 which was considered by COC is for conducting of forensic audit of corporate debtor. This resolution is not for making the changes in the appointment/ terms of contract of statutory auditors or internal auditors of corporate debtor. Resolution No. 7 is for taking steps for conducting forensic audit of the accounts of corporate debtor. Resolution No. 7 does not fall with in Sec 28(1)(m) of the code. If it does not fall under any of the provisions of Section 28 of the code then for its approval it needs to be approved by a voting of not less than 51% of Financial Creditors. There is no dispute Resolution N07 of 5th COC was approved by Financial Creditors having voting share of 59.21% . The Scrutinizer report is filed, it shows Resolution No. 7 is approved by Financial Creditors having 59.21% voting share. Similarly Resolution No.4 also does not fall in any of the categories mentioned in sec 28(1). Therefore it needs for approval by Financial Creditors having 51% of voting share. This resolution was also approved by Financial Creditors having the voting share of 59.21%. Therefore two resolutions shall be declared to have been passed by requisite voting share of the Financial Creditors. The application is allowed declaring that Resolution No.4& 7 of 5th COC are declared to have been passed by a requisite voting share of Financial Creditors of COC.
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