Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 822 - AT - Insolvency and BankruptcyLiquidation - expiry of lime limit for resolution - case of appellant is that without placing the matter under provisions of Section 30(2) of the ‘I&B Code’ before the ‘Committee of Creditors’ for voting, the ‘Resolution Professional’ applied for liquidation - HELD THAT:- The ‘Corporate Insolvency Resolution Process’ against the ‘Corporate Debtor’ was initiated on 9th January, 2018 and on 13th November, 2018, when the ‘Resolution Professional’ filed Miscellaneous Application under Sections 33 & 34 of the ‘I&B Code’ by that time approximately 270 days had passed - the Adjudicating Authority having ordered for liquidation, it cannot be held to be illegal. It was informed to the ‘Committee of Creditors’ on 5th October, 2018 but due to late submission of the ‘Resolution Plan’, the ‘Committee of Creditors’ declined to consider the same - thus, the ‘Resolution Plan’ submitted by ‘M/s. Grandvalult Enterprises, Bengaluru’ was not submitted within time and therefore, the ‘Resolution Plan’ of the said ‘M/s. Grandvalult Enterprises, Bengaluru’ was not considered. We are not inclined to interfere with the impugned order dated 5th December, 2018, we direct the Liquidator to act in accordance with law - appeal disposed off.
|