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2020 (8) TMI 455 - AT - Insolvency and BankruptcyLiquidation Order - appellant submits that without deciding the applications of the Appellants, the Adjudicating Authority proceeded to pass orders of Liquidation as period for completing ‘CIRP’ had come to an end and no Resolution Plan had been received - HELD THAT:- We do not find that only because Mr. Uttam Chand Chauodhary was CA of the Corporate Debtor and happens to be CA also of the Original Financial Creditor who filed Application under Section 7 of the IBC, one can jump to a conclusion of collusion especially, when nothing is shown that the said Uttam Chand Choudhary has any shares or is Director of the Original Financial Creditor. Still, further material would be required to be shown to claim collusion between the Said Financial Creditor and the Directors of the Corporate Debtor. Merely on assumption, fraud can not be said to have been prima facie indicated for the Adjudicating Authority to further take cognizance of the averment made. The Learned Counsel states that the Appellant had filed Application before the Adjudicating Authority to consider Appellants as Resolution Applicants. It is stated that the Adjudicating Authority did not pass orders even on that application. It appears to us that the Provisions of IBC require that a prospective Resolution Applicant must approach the Resolution Professional by filing expression of interest and then following the procedures of IBC and the Regulations and complete compliances regarding the tendering of the Resolution Plan. Nothing of this sought has admittedly been done. Without moving Resolution Professional & CoC filing of application to Adjudicating Authority is not the solution - When admittedly, the necessary procedure was not followed during the course of ‘CIRP’ as required by the Provisions of IBC and the Regulations, such belated offer can not be said to be bona fide. Merely expressing that I am ready to file Resolution Plan is not sufficient for taking cognizance of such offer. There are no reason to interfere in the Impugned Order by which the Liquidation Orders have been passed - appeal dismissed.
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