TMI Blog2019 (5) TMI 822X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Company Appeal (AT) (Insolvency) No. 330 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Miscellaneous Application under Sections 33 34 of the I B Code by that time approximately 270 days had passed. 4. In the aforesaid background, the Adjudicating Authority having ordered for liquidation, it cannot be held to be illegal. This apart, we find that the Expression of Interest was invited on 31st May, 2018 and in the third meeting of the Committee of Creditors held on 27th June, 2018 it was informed that one M/s. Grandvalult Enterprises, Bengaluru had expressed its interest for submitting the Resolution Plan . In fact, no Resolution Plan was filed by the said M/s. Grandvalult Enterprises, Bengaluru which submitted it much later i.e. after more than four months on 4th October, 2018. It was informed to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r under Section 230 to overrule the objections, if the arrangement and scheme is beneficial for revival of the Corporate Debtor (Company). While passing such order, the Adjudicating Authority is to play dual role, one as the Adjudicating Authority in the matter of liquidation and other as a Tribunal for passing order under Section 230 of the Companies Act, 2013. As the liquidation so taken up under the I B Code , the arrangement of scheme should be in consonance with the statement and object of the I B Code . Meaning thereby, the scheme must ensure maximisation of the assets of the Corporate Debtor and balance the stakeholders such as, the Financial Creditors , Operational Creditors , Secured Creditors and Unsecured Creditors wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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