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2018 (8) TMI 2063 - AT - Insolvency and BankruptcyLiquidation of Corporate Debtor - resolution plan was submitted by him - without giving any opportunity to the appellant, the ‘Committee of Creditors’ decided to request the Adjudicating Authority for liquidation - HELD THAT:- Taking into consideration the fact that the ‘resolution plan’ was submitted on 178th day and on the next day i.e. 179th day the ‘Committee of Creditors’ decided to go for liquidation as 180th day was to be completed and order under Section 31 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) was required to be passed and in absence of any good reason for extension of time, we are not inclined to grant any relief. In view of Section 12A even during the liquidation period if any person, not barred under Section 29A, satisfy the demand of ‘Committee of Creditors’ then such person may move before the Adjudicating Authority by giving offer which may be considered by the ‘Committee of Creditors’, and if by 90% voting share of the ‘committee of creditors’, accept the offer and decide for withdrawal of the application under Section 7 of the I&B Code, the observation as made above or the order of liquidation passed by the Adjudicating Authority will not come in the way of Adjudicating Authority to pass appropriate order. Appeal dismissed.
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