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2019 (11) TMI 66 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIMaintainability of application - extension of the period of completion of Insolvency Resolution Process - Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- On the ground that the ‘Resolution Professional’ has wrongly decided the claims of the Appellant Banks by rejecting their claims, the application under Section 60(5) was preferred by the Appellants, which according to the Appellants have not been properly adjudicated by the Adjudicating Authority. The impugned order dated 25th July, 2018 fell for consideration before this Appellate Tribunal in COMMITTEE OF CREDITORS OF AMTEK AUTO LTD. AND LIBERTY HOUSE GROUP PTE LTD. VERSUS MR. DINKAR T. VENKATASUBRAMANIAN & ORS. AND LIBERTY HOUSE GROUP PTE LTD. VERSUS THE COMMITTEE OF CREDITORS OF AMTEK AUTO LTD. & ANR. [2019 (8) TMI 877 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI] wherein this Appellate Tribunal noticed that the plan which was approved in favour of ‘M/s. Liberty House Group Pte Ltd.’ (‘Successful Resolution Applicant’) was not acted upon. When the question of implementation of the approved ‘Resolution Plan’ of ‘M/s. Liberty House Group Pte Ltd.’ was taken up by the ‘Resolution Professional’, it was stated that in spite of e-mail sent on 5th September, 2018 and detailed e-mail on 12th September, 2018, no favourable response was received by ‘M/s. Liberty House Group Pte Ltd.’ whose plan has been approved by impugned order dated 25th July, 2018. The liquidator is now required to collate and settle the claim(s) as empowered under Section 35 (j), after access of information under Section 37 thereafter required to consolidate the claim under Section 38 and after verification of claims under Section 39 may either admit or reject the claim or part thereof under Section 40. Thereafter, if any person aggrieved against the decision of the liquidator may prefer an appeal under Section 42 before the Adjudicating Authority. It is not required to pass any order on merit as the matter is required to be determined afresh by the liquidator - appeal disposed off.
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