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2020 (6) TMI 491 - AT - Insolvency and BankruptcyApproval of Resolution Plan - liquidation of the Corporate Debtor - HELD THAT:- The Appellant cannot derive advantage of clause 15.3(b) of the Agreement as the provisions of the 'I&B Code' can prevail over such agreement. Finally, if no arrangement or Scheme framed under sections 230-232 of the Companies Act, 2013 becomes possible or the 'Corporate Debtor' is not sold in its totality along/with the employees as ordered by this Appellate Tribunal in Y. Shivram Prasad [2019 (5) TMI 386 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI ] and there is no option but to sell the assets of the 'Corporate Debtor' and to distribute the same amongst the Creditors in terms of Section 53 read with Section 52 of the 'I&B Code', at that stage, the Appellant may ask the Liquidator to return the assets i.e. Plant & Machinery, if it belongs to it as the third party. Appeal dismissed.
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