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2022 (12) TMI 145 - AT - Insolvency and BankruptcyLiquidation of Corporate Debtor - section 33 of IBC - HELD THAT:- This Appellate Tribunal notes that from the reading of the Impugned Order dated 02.06.2022, it is quite evident that the Adjudicating Authority did everything under its command and available options within its purview under I & B Code, 2016 and Insolvency & Bankruptcy Board of India (Corporate Insolvency Resolution Process) Regulations, 2016 to avoid Liquidation of the Corporate Debtor. The Adjudicating Authority gave fair and equal chances to both the Resolution Applicants to the extent that a Resolution Plan in tandem and in co-operation of both the Parties could be submitted, however both the Parties could not do so. Towards the end of the Corporate Insolvency Resolution Process, a Resolution Applicant proposes a Resolution Plan which is placed before the Committee of Creditors by the Resolution Professional and upon several deliberations by Committee of Creditors, the crucial decision pertaining to the approval or rejection of a Resolution Plan is taken. Thereafter, if a rejected plan is placed before the Adjudicating Authority, the Adjudicating Authority is expected to do nothing more, but to initiate the Liquidation process under section 33(1) of I & B Code, 2016, but if the plan is approved by at least 66% Voting Share of Committee of Creditors and is placed before the Adjudicating Authority for its approval, the Adjudicating Authority has to look into two basic check boxes, only then the Plan stands approved and binding on all the Stakeholders. This Appellate Tribunal is very conscious of the fact that Liquidation should be the last resort as this virtually tantamount to death knell of the Corporate Debtor, However, it is also to be considered that the Corporate Insolvency Resolution Process proceedings are required to be completed within stipulated period as stipulated in Insolvency & Bankruptcy Board of India (Corporate Insolvency Resolution Process) Regulations, 2016, herein this case the Adjudicating Authority has taken all the precaution and action to ensure that the Corporate Debtor is kept as a going concern - the Adjudicating Authority has no jurisdiction and/ or authority to analyse or evaluate the decision of the Committee of Creditors to enquire into the justness of the rejection of the Resolution Plan by the dissenting Financial Creditors. The Adjudicating Authority was right in ordering Liquidation of the company, as per Section 33(1) of the I & B Code, 2016 - Appeal dismissed.
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