TMI Blog2019 (10) TMI 695X X X X Extracts X X X X X X X X Extracts X X X X ..... lution of insolvency and liquidation. For this reason, we set aside the impugned order dated 15th March, 2019. The petition under Section 10 of the I B Code filed in Form 6 is dismissed. - I.A. No. 3052 of 2019 IN Company Appeal (AT) (Insolvency) No. 350 of 2019 And Company Appeal (AT) (Insolvency) No. 365 of 2019 - - - Dated:- 30-9-2019 - Justice S.J. Mukhopadhaya, Chairperson, Justice A.I.S. Cheema, Member (Judicial) And Mr Kanthi Narahari, Member (Technical) For The Appellant : Mr. Sandeep Sreekumar and Mr. Saswat Pattnai k, Advocates, Mr. Arun Kathpalia, Senior Advocate with Mr. Shubhbrata Chakraborti, Mr. Ashish Mukhi and Mr. Kamlendra Singh, Advocates For The Respondents : Dr. U.K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se is that a Resolution Plan is already in existence. Not only that the said resolution plan is in existence, but it was duly acted upon. The said resolution plan was already considered by the bankers during SARFAESI Proceedings. Those very bankers are now going to constitute CoC under Insolvency Code. This very Consortium has already acknowledged and accepted the resolution plan, hence, the right recourse available is to consider that Resolution Plan as if a resolution plan U/s 30 of the Code. If we adopt this line of action obviously the procedure of Corporate Insolvency Resolution Process shall get simplified and certainly get finalised expeditiously. It is worth to supplement at this juncture that the time is the essence for implement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Sinha and Mr. Anuj Shah, learned counsel appearing on behalf of the RP. 5. We are of the opinion that the impugned order dated 15th March, 2019 is against the provision of law and cannot be sustained. It is not in dispute that the application filed under Section 10 is without approval of the Annual General Meeting / Extra-Ordinary General Meeting . Simultaneously a plan was submitted which is against the provision of Section 65 of the I B Code as it appears that it is filed with malicious intent for any purpose other than for the resolution of insolvency and liquidation. For this reason, we set aside the impugned order dated 15th March, 2019. 6. The petition under Section 10 of the I B Code filed in For ..... X X X X Extracts X X X X X X X X Extracts X X X X
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