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2020 (11) TMI 1023 - Tri - Insolvency and BankruptcySeeking approval of Resolution Plan - section 30(6) read with section 31(1) of I&B Code - HELD THAT:- It is observed that the applicant who is the resolution professional as well as the CoC wants to continue with the same valuer, i. e., GAA Advisory who is well aware of the facts of the case and has done valuation of the corporate debtor earlier. On the other hand, the Corporation Bank does not have faith on the CoC, the RP as well as the GAA Advisory and therefore, wants this Tribunal to appoint a fresh valuer for conducting the valuation process. The Corporation Bank holds approximately only about 7 per cent. of the share in the CoC and has time and again raised objections which has resulted in delay in the process of CIRP. As mentioned by the resolution professional, the corporate debtor has already crossed 550 days of CIRP and is incurring huge expenditure. With a view to expedite the process, as the GAA Advisors are already aware of the position of the corporate debtor, it is advisable to continue with the same valuer. Also, majority of the CoC, under its commercial wisdom has agreed for the appointment of GAA Advisory - Application allowed.
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