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TMI Blog2019 (7) TMI 1187X X X X Extracts X X X X X X X X Extracts X X X X ..... al' of 'Moser Baer Solar Limited'- ('Corporate Debtor') against the order dated 30th May, 2019, whereby the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, passed order of liquidation under Section 33 (1) (a) of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short). 2. Learned counsel appearing on behalf of the Appellant submitted that the 'Corporate Debtor' is eligible for subsidies from the Central Government, Ministry of Electronics and Information Technology, in the light of the decision of the order passed by the Hon'ble High Court of Delhi which is likely to be released in near future. 3. According to learned counsel for the Appellant, the order of liquidation may affect the 'Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent. The said Writ Petition was dismissed on 25th February, 2019. 8. The Letter Patent Appeal (LPA) No. 225 of 2019 was thereafter filed by the 'Corporate Debtor' through the 'Resolution Professional' before the Hon'ble High Court of Delhi wherein vide its order dated 25th February, 2019, the Hon'ble Division Bench allowed the 'Corporate Debtor' to file a review application before the learned Single Judge. Thereafter, the 'Corporate Debtor' filed Review Petition No. 241/2019 and CM No. 26018/2019 before the learned Single Judge of the Hon'ble High Court of Delhi. The said Review Petition was allowed and the order dated 25th February, 2019 was recalled. The Ministry of Electronics & Information Technology was directed to re-examine the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 230 takes more time, it is open to the Adjudicating Authority (Tribunal) to extend the period if there is a chance of approval of arrangement of the scheme. 18. During proceeding under Section 230, if any, objection is raised, it is open to the Adjudicating Authority (National Company Law Tribunal) which has power to pass order 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 230 of the Companies Act, 2013 before the Adjudicating Authority i.e. National Company Law Tribunal, Chennai Bench, in terms of the observations as made in above. On failure, as observed above, steps should be taken for outright sale of the 'Corporate Debtor' so as to enable the employees to continue. 20. Both the appeals are disposed of with aforesaid observations and directions. No cost." 11. The said decision and direction are also binding in the present case and the 'Resolution Professional' (now 'Liquidator') is required to follow the procedure, as mentioned therein, and ensure that the 'Corporate Debtor' remains a going concern during the period of liquidation. 12. In view of the aforesaid position of law, we are of the view t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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