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2020 (12) TMI 1324 - NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD BENCHSeeking substantive consolidation of the Corporate Debtor - assets and liabilities deemed to be assets and liabilities of all the consolidated Corporate Debtors - appointment of a common Resolution Professional be made in order to carry out the obligations and functions of a Resolution Professional - constitution of common Committee of Creditors for the Corporate Debtor and the Respondents Nos. 2-6 - formulation of comprehensive Resolution Plan dealing with the Corporate Debtor and the Respondent Nos 2-6. HELD THAT:- It is a matter of record that the CIRP of the Corporate Debtor/ Respondent No. 1, Sona Alloys Pvt. Ltd., admitted on 16.06.2020 vide C.P.(I.B) No. 586/2019. Thereafter, against the Ganga Advisory Pvt. Ltd. (Respondent No. 2) CIRP is initiated by the Adjudicating Authority on 24.01.2019 on filing an application under section 7 of the 1B Code by Pani Logistics and thirdly against Neuromed Imaging Centre Pvt. Ltd., CIRP is initiated on 12.07.2019 by this Adjudicating Authority on filing an application by Mahaveer transport under section 7 of the 1B Code. Evidently, as also matter of record that there are 3 separate orders of admission against the 3 different Companies (Corporate Debtors) having separate entities. Further, the CIRP is initiated on the basis of separate cause of actions, defaults and the amount due to the different creditors. As such, when these three companies are separate entities, the consolidation is not at all possible - It is a matter of record that the Ganga Advisory Pvt. Ltd. and Neuromed Imaging Centre Pvt. Ltd. are under liquidation. It is also a matter of record that Respondent No. 1, 2 and 3 are not group companies, hence, the question of any consolidation of the properties does not arise at all. It is pertinent to note that Substantial consolidation as a remedy should always be treated as an exception rather than the rule. Moreover, this remedy can be an option for group companies however, in the instant matter the companies are not group companies but only hold substantive shares in the Corporate Debtor. The instant application is not maintainable - Application dismissed.
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