TMI Blog2020 (11) TMI 122X X X X Extracts X X X X X X X X Extracts X X X X ..... HAT:- When it is an admitted fact that during the Time limit provided under Section 12 of IBC, no Resolution Plan was received, the necessary consequence of liquidation order could not be avoided. For this, the Application was moved. Subsequently, the Appellant started claiming that there is a settlement and paid some amount. However, even that is now reported to have failed. The Appellant has not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel for both sides. Learned Counsel for the Appellant submits that this Appeal has been filed against impugned order dated 11th February, 2020 passed in M.A. No. 463 of 2019 in CP/603/IB/2017 by Adjudicating Authority, Chennai Bench. Chennai. It is stated that Application under Section 7 of Insolvency and Bankruptcy Code, 2016 (IBC-in short) was filed by Respondent M/s. Asset Reconstruction C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med to the Adjudicating Authority. The Learned Counsel submitted that in spite of this, the Adjudicating Authority listed the M.A. No. 463 of 2019 along with M.A. No. 732 of 2019. The Adjudicating Authority passed orders in both these M.As on 31st December, 2019. M.A. No. 732 of 2019 which was filed by the Applicant to intervene in the M.A. No. 463 of 2019 and which sought appointment of Mr. S. Ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred further amount of ₹ 91,93,481.00/- to the ARCIL on 23rd January, 2020 and thus ₹ 5 Crores has been paid out of ₹ 90 Crores it is claimed. According to the Appellant, an Application was filed before the Adjudicating Authority on 29th January, 2020 requesting that settlement has been arrived at. On 03rd February, 2020, ARCIL also informed the Adjudicating Authority about set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssary consequence of liquidation order could not be avoided. For this, the Application was moved. Subsequently, the Appellant started claiming that there is a settlement and paid some amount. However, even that is now reported to have failed. The Appellant has not placed on record material as to who were the other claimants other than the 100% Financial Creditor namely Respondent/ARCIL during CIRP ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
