TMI Blog2019 (10) TMI 1112X X X X Extracts X X X X X X X X Extracts X X X X ..... ht or wrong in absence of such challenge. Now 270 days is being over as per calculation on the basis of the order of extension, we hold that in absence of any other reason, the Adjudicating Authority has rightly rejected the application for exclusion of certain period. From the impugned order, it will be evident that the Adjudicating Authority has noticed that even during liquidation it is still open to the liquidator to sell the Corporate Debtor as a going concern - In the present case, no order of liquidation has been passed but we accepted that the period of Corporate Insolvency Resolution Process is completed, appropriate order is required to be passed by the Adjudicating Authority. Even if an order of liquidation is passed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (i) CIRP Period of 270 days is over (ii) even in the event of liquidation is ordered, it is still open to the Liquidator to sell the Corporate Debtor as a going-concern. Normally, the Resolution Plan is viable if the Resolution Plan Value is more than Liquidation Value, in this case, one- Plan is not approved by the CoC till date, two- the Resolution Plan value is far below to the liquidation value, three- not taking a decision by the CoC without any reason will not become a reason for exclusion of the time period. Besides this, CoC has not even passed a resolution seeking exclusion or extension of time as prayed by the Resolution Professional. On these ground, the application for exclusion is hereby dismissed leaving i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spective date is right or wrong in absence of such challenge. Now 270 days is being over as per calculation on the basis of the order of extension, we hold that in absence of any other reason, the Adjudicating Authority has rightly rejected the application for exclusion of certain period. 8. From the impugned order, it will be evident that the Adjudicating Authority has noticed that even during liquidation it is still open to the liquidator to sell the Corporate Debtor as a going concern. 9. In the present case, no order of liquidation has been passed but we accepted that the period of Corporate Insolvency Resolution Process is completed, appropriate order is required to be passed by the Adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany 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 , 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 , ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor so as to enable the employees to continue. 20. Both the appeals are disposed of with aforesaid observations and directions. No cost. 10. In view of such decision, we are of view that it is open to the Appellant to negotiate with the group of creditors ( Financial Creditor ) and the liquidator on behalf of the company to consider the Resolution Plan as a Scheme under Section 230 of the Companies Act, 2013 along with any other Scheme, if proposed by any other member or group of members of person. In such case, the liquidator or group of creditors ( Financial Creditors ) may consider the same. 11. The appeal stands disposed of with aforesaid observations. No cost. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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