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2019 (5) TMI 1815 - Tri - Insolvency and BankruptcyRemoval of Shri Ashish Kanodia as the Resolution Professional of the Corporate Debtor - appointment of fresh Resolution Professional in his place; to initiate CIR Process of the Corporate Debtor afresh, etc. - HELD THAT:- It is a settled position of law that proceedings are under provisions of Code are summary in nature, and those proceedings would not dwell upon/enter into serious disputed questions of fact of the case. It is not in dispute that the Adjudicating Authority, after considering various parameters as prescribed under the Code, has admitted the main Company petition by initiating CIRP, appointing IRP, imposing moratorium etc., and the same is admittedly not in dispute as it was not questioned before the Hon'ble NCLAT. Therefore, CIRP of Corporate Debtor was conducted in accordance with law. As per law, CIRP of Corporate Debtor would be conducted by IRP/RP appointed by the Adjudicating Authority, however, subject to consideration of all issues by the Committee of Creditors and final supervising power conferred on the Adjudicating Authority. It is also settled position of law that Court/Tribunal, in the normal circumstances, would not interfere over the decision taken by the concerned authority, basing on their commercial wisdom. The Resolution Plan submitted by the Akashika Foods Private Limited is eligible to be approved, and thus the Resolution Plan was approved - The Applicant cannot seek any special treatment in comparison with other Resolution Applicants and the Applicant was admittedly given all the information uniformly to all those participating Resolution Applicants. The Applicant has not offered higher bid than the successful Resolution Applicant except raising un-tenable grounds. And the facts and circumstances as mentioned above shows that the applicant was afforded reasonable opportunity. Application disposed off.
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