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2022 (10) TMI 1182 - AT - Insolvency and BankruptcyAuction proceedings - Rejection of application seeking direction to Respondent-Resolution Professional to convene the meeting of the Committee of Creditors to place the Resolution Plan for consideration - case of appellant is that the Appellant ought to have been given opportunity to submit a scheme of compromise/arrangement but the Liquidator proceeded for auction without giving any opportunity - HELD THAT - In the facts of the present case the ends of justice will be served in giving liberty to the Appellant to submit a scheme of compromise/arrangement as contemplated under Section 230 of the Companies Act to the Liquidator within one month from today as well as to the Financial Creditors for their approval as contemplated under Section 230 of the Companies Act. Let entire process be completed within three months period as has been allowed under Regulation 2B of the IBBI (Liquidation Process) Regulations 2016 from today. The Liquidator who has already issued notice fixing Auction on 10th November 2022 shall differ the proposed auction. It will be open for the Liquidator to proceed with the Auction further if any only after completion of the process under Regulation 2B of the IBBI (Liquidation Process) Regulations 2016 after period of 3 months. Appeal disposed off.
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