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2021 (7) TMI 290 - AT - Insolvency and BankruptcySeeking direction to Liquidator to consider the proposals of the Applicant under Section 230 of the Companies Act - OTS cum Compromise proposals placed before the CoC, were both cancelled - HELD THAT:- The Appellant has not pointed out any irregularity in exercise of the powers committed by Ld. Adjudicating Authority. The CoC has taken commercial decision of rejecting the OTS proposals. It is settled law that the statute has not invested jurisdiction and authority either with NCLT or NCLAT to review the commercial decision exercised by the CoC of approving the resolution plan or rejecting the same. It is also to be noted that in this Appeal the Appellant has raised the ground that the CoC has rejected the OTS cum Compromise proposals without assigning any valid reason and without any suitable opportunity to the Appellant to discuss with the Respondent No. 1 on OTS Proposals. Such objection was never raised before the Adjudicating Authority. There is no allegation against the liquidator and no prayer for replacement of liquidator was made. The Appellant in the Appeal first time prayed for replacement of the liquidator. Such prayer cannot be considered at this stage, particularly when there is no allegation in the Application. Appeal dismissed.
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