TMI Blog2018 (11) TMI 1849X X X X Extracts X X X X X X X X Extracts X X X X ..... it is in violation of Section 30(2). Prima facie there is no provision to direct the Resolution Professional at that stage to redetermine the liquidation value once the plan has been approved by the Committee of Creditors. Let notice be issued - Post the case 'for admission (after notice)' on 12th November, 2018 on top of the list. - Company Appeal (AT) (Insolvency) No. 637 of 2018 - - - Dated:- 12-11-2018 - S.J. Mukhopadhaya And Bansi Lal Bhat, JJ. For Appellant : Mr. Abhinav Vashist, Mr. Venancio D' Costa, Ms. Astha, Ms. Priya Singh and Ms. Akshita Sachdev, Advocates For Respondents: Mr. Arun Kathpalia, Aditya Verma and Mr. Shrey Patnaik, Mr. Ramji Srinivasan, Ms. Sylona Mohapatra and Mr. Raghav Sabharwal, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority or the Appellate Tribunal or the Hon'ble Supreme Court and finally pass order enabling the 'Resolution Professional' to complete the CIRP. (v) If the CIRP is set aside by the Appellate Tribunal or order of the Appellate Tribunal is reversed by the Hon'ble Supreme Court and CIRP is restored. Company Appeal (AT) (Insolvency) No. 637 of 2018 (vi) Any other circumstances which justifies exclusion of certain period. It is clear in ground No. (vi), the Adjudicating Authority can exclude certain period for the purpose of counting total period of CIRP is circumstances justify such exclusion. In this case, Resolution Plan of MSL is ordered to be placed before CoC for consideration after red ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ements as referred to in sub-section (2) of Section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan. (2) Where the Adjudicating Authority is satisfied that the resolution plan does not confirm to the requirements referred to in sub-section (1), it may, by an order, reject the resolution plan. (3) After the order of approval under sub-section (1), - (a) the moratorium order passed by the Adjudicating Authority under section 14 shall cease to have effect; and (b) The resolution professional shall forward all records relating to the conduct of the corporate insolvency reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity to pass order under Section 31 of the I B Code if the Resolution Professional moves the application for approval of approved plan by the Committee of Creditors, uninfluenced by the impugned order, subject to the decision of this appeal. Company Appeal (AT) (Insolvency) No. 637 of 2018 Learned counsel appearing on behalf of the member of the 'Committee of Creditors' submits that during the pendency of this appeal in compliance of the order of the Adjudicating Authority, revised liquidation value was taken into consideration by the 'Committee of Creditors' whereinafter the 'resolution plan of the appellant' - 'Maharashtra Seamless Ltd.' has been approved. It is also accepted by the learned counsel appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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