TMI Blog2020 (9) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... m as Financial Creditor went un-assailed under the bona fide belief that the interest of Appellant s would be taken care of under the Liberty House Group Resolution Plan is repugnant to reason and cannot provide a lawful excuse for filing of I.A. No. 62 of 2020 under Section 60(5) of the I B Code after a lapse of about three years. Such explanation deserves to be noticed only for being rejecting. This is apart from the fact that the Appellants have not lent any money directly to the Corporate Debtor and the Corporate Debtor did not owe any financial debt to the Appellants except that the pledge of shares was to be executed. There can be no dispute with the preposition of law that creation of pledge of shares by the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of the Corporate Debtor M/s. Amtek Auto Limited under Section 60(5) of the I B Code on 11th February, 2020 praying for a direction in the name of Resolution Professional to include the Appellant No. 1 in the Committee of Creditors as a secured financial creditor and extend all benefits of a secured financial creditor to it. On consideration of the matter, the Adjudicating Authority, while approving the resolution plan of resolution applicant Duccan Value Investor (DVI), dismissed I.A. No. 62 of 2020 in terms of the same order which has been impugned in this appeal. 2. A glance at the impugned order would bring it to for that I.A. No. 62 of 2020 came to be dismissed as the Adjudicating Authority was of the opinion that the Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled an appeal before this Appellate Tribunal assailing the order of the Adjudicating Authority rejecting prayer of Resolution Professional to issue fresh invitation for resolution plans. Liquidation order came to be passed by this Appellate Tribunal which was assailed before the Hon ble Apex Court. On 2nd December, 2019 Hon ble Apex Court directed the Resolution Professional to invite fresh bids within 30 days. According to the Appellants, the Appellant No. 1 made the representation to Resolution Professional to preserve the pledge which was reiterated on 10th January, 2020. Since the pledge in favour Appellant No. 1 was not mentioned in the information-memorandum as conveyed by the Resolution Professional, Appellants filed I.A. No. 62 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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