Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 808 - Tri - Insolvency and BankruptcySeeking reconsideration of Scheme of Compromise and Arrangement under Section 230 of the Companies Act,2013, proposed by the shareholders along with the TEV Study - direction in the interim to the liquidator not to discharge or dismiss any employee and maintain their employment - HELD THAT:- As rightly pointed out by the Ld.counsel for the creditors a scheme would have been passed and accepted within 90 days of the order of liquidation as per Regulation 2-B of the IBBI ( Liquidation Process) Regulations, 2016. After a lapse of 2 years even in the midst of the Novel Corona Pandemic, it appears to me that allowing this application will not any way help the applicants to present a techno economically viable plan as mandated by the creditors. Since the power of the tribunal is limited and this Tribunal has no power to interfere with the commercial wisdom of the creditors to approve or not to approve the scheme, the submission on the side of the applicant, cannot be accepted, extending sympathy upon them. The law is settled as to the power of the tribunal in regards issuing direction to the creditors to reconsider a scheme like the scheme in hand. Law is settled that the Company Court's jurisdiction is peripheral and supervisory and not appellate. This application is not worth consideration. Accordingly liable to be dismissed.
|