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2021 (8) TMI 163 - AT - Insolvency and BankruptcyApproval of Resolution Plan - liquidation not required when all requirements of Resolution fulfilled - HELD THAT:- Keeping in view the main objective of Insolvency and Bankruptcy Code that all efforts should be made for resolution of the Corporate Debtor in the present matter when we have a Resolution Plan approved by the CoC, we do not think that orders of liquidation should be passed without considering the Resolution Plan already approved by the CoC. There are no reason to admit the Appeal in the facts of the matter. Although the CoC did not strictly follow the time frame given by the Adjudicating Authority and displeasure was expressed, when Adjudicating Authority exercised discretion not to pass order of liquidation and wait, we will not interfere in the discretion. When the Resolution Plan is on the verge of being accepted or rejected by the CoC it would not make much difference if little time is extended. The appeal is not required to be interfered with the impugned order - Adjudicating Authority may consider the Resolution Plan as has been placed before it in terms of provisions of law on its own merits - appeal disposed off.
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