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2020 (9) TMI 305 - AT - Insolvency and BankruptcyLiquidation of Corporate Debtor - no resolution plan was received during the Corporate Insolvency Resolution Process period and the promoter group had failed to provide concrete information about the prospective investor qua its plan for resolution/settlement - HELD THAT:- Admittedly, the proposed settlement would involve sale of assets of the Corporate Debtor which depended upon a variety of factors including sound financial position of the proposed Investor and its ability to raise the funds, more so, when operations of the Corporate Debtor were lying defunct. Besides, the settlement proposal cannot be thrust upon the Committee of Creditors as decision in regard to its viability and feasibility exclusively lies within the domain of commercial wisdom of Committee of Creditors. That apart, in absence of a resolution plan, the Committee of Creditors would have no option but to recommend liquidation of the Corporate Debtor. The law as enshrined in Section 33(2) only enjoins upon the Resolution Professional to intimate the Adjudicating Authority that the Committee of Creditors has, by requisite majority, decided to liquidate the Corporate Debtor, provided the Resolution Plan earlier approved by the Committee of Creditors has not been confirmed by the Adjudicating Authority. Thus, it is manifestly clear that even after recommending a Resolution Plan for approval of the Adjudicating Authority, the Committee of Creditors can retract it and withdraw the decision in regard to approval of such Resolution Plan by the Committee of Creditors - The Adjudicating Authority has rightly observed that even after pushing the Corporate Debtor into liquidation, Promoter/Ex-Director of the Corporate Debtor can take recourse to Section 230 of the Companies Act, 2013 by submitting a scheme for revival of the Corporate Debtor, subject of course to eligibility of the applicant. Appeal dismissed.
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