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2021 (3) TMI 28 - AT - Insolvency and BankruptcyConstitution of CoC - CoC only constituted Operational creditors - Appellant claims that the Impugned Order suffers as certain guiding yardsticks for consolidation were absent with regard to the DCCL - HELD THAT:- It appears from record and the Adjudicating Authority has painstakingly written the Impugned Judgment and succinctly put relevant facts on record. The Adjudicating Authority found that WAML had agreed to the consolidation. As records DCCL in Paragraph 7, Adjudicating Authority noted that DCCL was incorporated for running and maintaining Dasve Convention Centre at the premises leased to it by Respondent No. 2- LCL and for this purpose the Lease-Agreement dated 30th September, 2010 was executed which was not duly stamped and registered and was cancelled by the Resolution Professional of Respondent No. 2. It is to be noted that the CIRP in LCL had started on 30th August, 2018 while CIRP in DCCL started on 05th February, 2019. The Adjudicating Authority noted that in the three CIRPs Resolution Plans were received only in the matter of LCL and none was received in the other two CIRPs. It was also noticed that in the Resolution Plans submitted with regard to the LCL, the Applicants wanted pre-condition that entire group debt with respect to LCL group of Companies should be extinguished instead of stand-alone debt of LCL. There is no dispute that LCL has about 49 subsidiaries or joint-ventures. There are no error in the Impugned Order consolidating the three CIRPs. The subsidiary DCCL appears to have been created for running the Convention Centre and it does appear to be linked with the business of Respondent No. 2-LCL with annual rent of token Re. 1. The Appellant who is only an Operational Creditor of DCCL is trying to find fault with the consolidation Order the object of which is Resolution of the Companies while the Appellant appears to be more concerned that its money as Operational Creditor should be protected. Appeal dismissed.
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