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2019 (4) TMI 1953 - AT - Insolvency and BankruptcyLiquidation Order - section 33(1) of IBC - CIRP not completed in the manner as it should have been completed and in fact no proper steps were taken to ensure that Resolution process is made successful - HELD THAT:- It is found that no Resolution Plan was approved by the Committee of Creditors and 270 days have passed. The order of liquidation need not be interferd with - the liquidator needs to act in terms of this Appellate Tribunal’s order passed in Y. SHIVRAM PRASAD AND ASSET RECONSTRUCTION COMPANY (INDIA) LTD. VERSUS S. DHANAPAL & ORS. AND SERVALAKSHMI PAPER LTD. & ORS [2019 (5) TMI 386 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] where it was held that Before approval of an arrangement or Scheme, the Adjudicating Authority (National Company Law Tribunal) should follow the same principle and should allow the ‘Liquidator’ to constitute a ‘Committee of Creditors’ for its opinion to find out whether the arrangement of Scheme is viable, feasible and having appropriate financial matrix. It will be open for the Adjudicating Authority as a Tribunal to approve the arrangement or Scheme in spite of some irrelevant objections as may be raised by one or other creditor or member keeping in mind the object of the Insolvency and Bankruptcy Code, 2016. The appeal is disposed off.
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