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2023 (2) TMI 239 - AT - Insolvency and BankruptcyLiquidation of Corporate Debtor - It is the version of the Petitioner that any delay in the Liquidation of the Corporate Debtor, will significantly deplete the Asset Maximisation, thereby, impacting all the Stakeholders of the Corporate Debtor - HELD THAT:- It comes to be known that before the Adjudicating Authority, the Appellant, had appeared and filed a Reply, objecting to the Liquidation of the Corporate Debtor, on the premise that the Corporate Debtor, is an MSME and since the Debts are duplicated in both the Corporate Debtors, the Appellant, may be permitted to submit a combined Resolution Plan, qua both the Corporate Debtors, before the Committee of Creditors, and direct them to reconsider the same - The version of the 1st Respondent / Appellant is that, BMW Group is controlling the Committee of Creditors of both the Corporate Debtors, as well as Koyenco Autos Private Limited, having 68.15% and 74.80% Voting Shares, respectively. This Tribunal, on going through the respective contentions advanced on either side, taking into account of the facts and circumstances of the instant case, in a conspectus fashion and also keeping in mind the full Claim of the Petitioner, was admitted by the Liquidator, this Tribunal comes to a consequent conclusion that the Petitioner / Intervenor, is not a necessary or a proper Party, to be arrayed, as one of the Respondents (Viz. proposed 3rd Respondent) and even without the Petitioner’s presence, this Tribunal, is enjoined to dispose of the main Appeal. Appeal disposed off.
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