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2022 (4) TMI 887 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIWilful disobedience - Contempt against the Liquidator/the Respondent - Section 61 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Order of this Tribunal directing the Liquidator to proceed as per terms of ‘Y Shivaram Prasad’ (Supra) is dated 21/05/2019. In this interim period it is an admitted fact that there was no Scheme which was formalised under Section 230 of the Act. It is the main case of the Appellant that the Liquidator had acted in breach of the Order dated 29/01/2020 passed by the Adjudicating Authority whereby the Learned Adjudicating Authority has recorded that ‘pending any decision on any proposed Scheme being accepted by the Liquidator, the sale of asset of the ‘Corporate Debtor’ shall only confirm after due permission from this Bench. An offer of settlement was given by the ‘Financial Creditor’ on 17/08/2019 with a specific time frame extending upto 31/07/2020. It is clear that despite the extended time granted by the Hon’ble High Court of Delhi, wherein time was extended up to 31/07/2020 still the ‘Corporate Debtor’ did not pay the amount. Admittedly the Scheme under Section 230 of the Act was never formalised; the date extended by the Hon’ble High Court of Delhi was only up to 31/07/2020; that more than two years has lapsed subsequent to the Order of this Tribunal; that it is a Section 10 Application under the Code filed by all three Companies together; that the Order dated 15/07/2020 has attained finality, the Liquidator has only complied with the terms of the Order dated 15/07/2020 and lastly there is no Scheme which has been filed till date under Section 230-232 of the Act; it cannot be said that the action of the Liquidator in selling the asset by public auction, be termed as contempt or any breach of the Order of the Adjudicating Authority. Appeal dismissed.
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