2019 (5) TMI 822

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..... ating 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 b .....

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..... ned 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 .....

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..... raised by one or other creditor or member keeping in mind the object of the Insolvency and Bankruptcy Code, 2016. 19. In view of the observations aforesaid, we hold that the liquidator is required to act in terms of the aforesaid directions of the Appellate Tribunal and take steps under Section 230 of the Companies Act. If the members or the 'Corporate Debtor' or the 'creditors' or a class of creditors like 'Financial Creditor' or 'Operational Creditor' approach the company through the liquidator for compromise or arrangement by making proposal of payment to all the creditor(s), the Liquidator on behalf of the company will move an application under Section 230 of the Companies Act, 2013 before the Adjudicating Authority i.e. National Co .....

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