TMI Blog2019 (7) TMI 1187X X X X Extracts X X X X X X X X Extracts X X X X ..... rn to ensure revival and resolution even during the liquidation process. The Competent Authority of the Ministry of Electronics Information Technology will consider the case of the Corporate Debtor in terms with the direction of the Hon ble High Court of Delhi, as referred to above, uninfluenced by the order of liquidation, as the Corporate Debtor is to continue as a going concern. Appeal disposed off. - Company Appeal (AT) (Insolvency) No. 662 of 2019 - - - Dated:- 23-7-2019 - Mr. S.J. Mukhopadhaya Chairperson, Mr. A.I.S. Cheema Member (Judicial) and Kanthi Narahari Member (Technical) For Appellant: - Mr. Krishnendu Datta, Mr. Abhishek Anand, Mr. Tushar Tyagi and Ms. Niharica Khanna, Advocates. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT before the Hon ble High Court of Delhi. 5. In view of the aforesaid prayer made, more than 270 days have already been completed and in absence of any Resolution Plan , the order of liquidation was passed. We find no illegality in the said order. 6. From the record, we find that the Ministry of Electronics Information Technology, Government of India by its letter dated 15th January, 2019 giving reference to the decision of the Hon ble High Court of Delhi informed the Resolution Professional that the claim of Moser Baer Solar Limited - ( Corporate Debtor ) for disbursement of subsidy of ₹ 269.70 Crores is not being acceded for the reasons mentioned therein. 7. The aforesaid letter was challenged by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of 2018 , this Appellate Tribunal by its order dated 27th February, 2019 while directed the Liquidator to ensure that the Corporate Debtor remains a going concern even during the period of liquidation, observed and directed as follows: 15. Learned counsel appearing on behalf of the Appellant (Promoter) submitted that the provisions under Section 230 may not be completed within 90 days, as observed in S.C. Sekaran v. Amit Gupta Ors. (Supra). 16. It is further submitted that there will be objections by some of the creditors or members who may not allow the Tribunal to pass appropriate order under Section 230 of the Companies Act, 2013. 17. Normally, the total period for liquidation is to be complete ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e principle and should allow the Liquidator to constitute a Committee of Creditors for its opinion to find out whether the arrangement of Scheme is viable, feasible and having appropriate financial matrix. It will be open for the Adjudicating Authority as a Tribunal to approve the arrangement or Scheme in spite of some irrelevant objections as may be 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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