2022 (4) TMI 1645 - AT - IBC

Rejection of application filed under Section 12A of the I B Code - application for liquidation of the Corporate Debtor was allowed - Appellant submits that an OTS has been approved from the Financial Creditors and consequent to which Appellant is to file scheme under Section 230 and 232 of the Companies Act 2013 before the Liquidator - HELD THAT - There are no reason to enter into various issues raised in this Appeal. The Appellant seeks thirty days time to file scheme before the Liquidator as per Section 230 of the Companies Act. This Appeal is disposed off with liberty to the Appellant to file application under Section 232 of the Companies Act before the Liquidator within thirty days from today. It shall be open for the Liquidator to proceed further in the said scheme/ arrangement in accordance with law.

Summary

The National Company Law Appellate Tribunal in New Delhi heard an appeal against two orders of the Adjudicating Authority related to liquidation. The appeal was filed by the Appellant against the orders directing liquidation of the Corporate Debtor and rejecting an application under Section 12A of the I&B Code. The Appellant's counsel mentioned an approved OTS from the Financial Creditors, and the Tribunal allowed the Appellant to file a scheme under Section 230 and 232 of the Companies Act before the Liquidator within thirty days. The Appeal was disposed of with liberty to file the application within the specified time frame.