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2019 (1) TMI 2044 - AT - Companies LawInitiation of separate Corporate Insolvency Resolution Process against subsidiary company - Appellant submits that a resolution plan has already been approved in the case of ‘Alok Industries Ltd.’ and the matter was placed before the Adjudicating Authority in July, 2018 for its approval under Section 31 of Insolvency and Bankruptcy Code, 2016, however, no decision has been taken by the Adjudicating Authority - HELD THAT:- The concerned Adjudicating Authority should decide the same immediately. If resolution plan has been filed in the case of ‘Alok Industries Ltd.’ and Resolution Professional of the said case has placed the approved resolution plan in respect of ‘Alok Industries Ltd.’ before the Adjudicating Authority, the concerned Adjudicating Authority is required to decide it preferably within three weeks. The Corporate Insolvency Resolution Process initiated against ‘Alok Infrastructure Ltd.’ is stayed and the Resolution Professional, the Committee of Creditors and the Adjudicating Authority will continue with the same in accordance with law within the time specified in the law. Appeal disposed off.
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