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2022 (2) TMI 67 - AT - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33 of IBC - HELD THAT:- The Appeal against order under Section 33 can be entertained only on the grounds of material irregularity or fraud committed in relation to such a liquidation order. The learned Counsel for the Appellant has pressed this Appeal on both the grounds that is ground of material irregularity and fraud. The submission is that entire CIRP was result of collusion between the Corporate Debtor, Financial Creditor as well as IRP/RP. When RP himself on 17.02.2021 stated that he will file the List of Creditors before NCLT, Mumbai bench, it was his duty to file the said List of Creditors (Version 3.0), which was relevant and material for the process. Admittedly, NCLT reserved the order on 1st January, 2020 and the same was pronounced only on 11th August, 2020. There was sufficient time with RP to inform Adjudicating Authority about the developments - RP was deliberately keeping the relevant information away from the Appellant and wanted Liquidation order to be passed without even bringing into the notice of the CoC or the Adjudicating Authority about the claim of the Appellant. We are thus, satisfied that material irregularity was committed in the entire process leading to Liquidation, which is sufficient to set aside the Liquidation order. It is not necessary to record any finding with respect to allegations, which are covered by Sections 65 and 69 of the Code and it is for the Adjudicating Authority to consider such issues and take an appropriate decision and if necessary, take follow-up action. Sufficient grounds have been made in this Appeal as specified by Section 61, sub-section (4) for allowing this Appeal - Appeal allowed - decided in favor of appellant.
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