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2023 (10) TMI 68 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHICIRP - validity of liquidation order - Seeking consideration of Resolution Plan - Appeals have been filed by both the Appellant stating that they were willing to give a higher offer but without considering their offer liquidation order has been passed - HELD THAT:- The ends of justice be served in giving one opportunity to the CoC to consider the Plan/Revised Offer and take decision on the said offer. It is well settled that objective of the IBC is to revive the Corporate Debtor and liquidation is the last resort. In view of the aforesaid, the order directing for liquidation is set aside and the CIRP extended for a period of 60 days from today to complete the process - It is made clear that in event Resolution Plan is approved, an application be filed for approval of the plan before Adjudicating Authority. In event, Resolution Plan is not approved, the Resolution Professional shall immediately file application for liquidation. Appeal disposed off.
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