Home Case Index All Cases Companies Law Companies Law + AT Companies Law - 2019 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (2) TMI 1964 - AT - Companies LawEligibility for filing Resolution Plan - Committee of Creditors have considered the Resolution Plan submitted by the Appellants, or not - HELD THAT:- In the present case, as this Appellate Tribunal find that the Committee of Creditors have voted against the Resolution Plan having found it not feasible and viable, this Appellate Tribunal is not deciding the first issue whether Board of Directors of ‘M/s. Ashok Magnetics Limited’- (Corporate Debtor) or any of its members are ineligible in terms of Section 29A or not and whether the said provision will be applicable to the promoter(s) of the ‘M/s. Ashok Magnetics Limited’. Further, this Appellate Tribunal do not agree with the observations made by the Adjudicating Authority that even if the case has not been considered on merit, remand will be futile. If a case is not considered by the ‘Committee of Creditors’ in accordance with law, it is the duty of the Adjudicating Authority to remand the matter to the ‘Committee of Creditors’ for reconsideration - However, as this Appellate Tribunal has observed that the ‘Committee of Creditors’ considered the matter and voted against the ‘Resolution Plan’, this Appellate Tribunal is not inclined to remand the matter to the ‘Committee of Creditors’. The liquidator is directed to act in accordance with law - Appeal disposed off.
|