2019 (5) TMI 822

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....ting Authority (National Company Law Tribunal), Single Bench, Chennai, whereby the application under Sections 33(1)(a), 33(2) and 34(1) of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) filed by the 'Resolution Professional' has been allowed and order of liquidation has been passed with regard to 'M/s. Sri Vari Metal Works Private Limited'- ('Corporate Debtor'). 2. Learned counsel appearing on behalf of the Appellant submitted that a 'Resolution Plan' was submitted by one 'M/s. Grandvalult Enterprises, Bengaluru' which prima facie complied with the provisions of Section 30(2) of the 'I&B Code' and, therefore, it was required to be placed before the 'Committee of Creditors' for voting. However, without placing the matter be....

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....ed to interfere with the impugned order dated 5th December, 2018, we direct the Liquidator to act in accordance with law in terms of the decision of this Appellate Tribunal in "Y. Shivram Prasad Vs. S. Dhanapal & Ors.─ Company Appeal (AT) (Insolvency) No. 224 of 2018" wherein this Appellate Tribunal held and observed as follows: "17. Normally, the total period for liquidation is to be completed preferably within two years. Therefore, in "S.C. Sekaran v. Amit Gupta & Ors." (Supra), this Appellate Tribunal allowed 90 days' time to take steps under Section 230 of the Companies Act, 2013. In case, for any reason the liquidation process under Section 230 takes more time, it is open to the Adjudicating Authority (Tribunal) to extend the p....