TMI Blog2021 (8) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Plan already approved by the CoC. There are no reason to admit the Appeal in the facts of the matter. Although the CoC did not strictly follow the time frame given by the Adjudicating Authority and displeasure was expressed, when Adjudicating Authority exercised discretion not to pass order of liquidation and wait, we will not interfere in the discretion. When the Resolution Plan is on the verge of being accepted or rejected by the CoC it would not make much difference if little time is extended. The appeal is not required to be interfered with the impugned order - Adjudicating Authority may consider the Resolution Plan as has been placed before it in terms of provisions of law on its own merits - appeal disposed off. - C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approving the amended and/or altered and/or modified resolution plan, if any, submitted and/or circulated by the Respondent No.2 in any manner whatsoever. (d) An order of liquidation be passed in terms of section 33 of the Code. 2. The Learned Senior Counsel for the Appellant pointed out that Corporate Insolvency Resolution Process (CIRP) in the matter of Corporate Debtor Dimension Steel Alloys Pvt. Ltd. had started somewhere in 2019. On 4th January, 2021, the Committee of Creditors had decided to go for liquidation. The Learned Senior Counsel referred to Minutes dated 4th January, 2021 (page 1083 at 1086). The Learned Senior Counsel submits that after such decision was taken the Resolution Professional had moved the Adjudic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ves of the IBC and liquidation should only be ordered as a last resort, we deem it fit to condone the delay of 43 days in submitting the Resolution Plan by the applicant in I.A. No. 197 of 2021. The Resolution Plan submitted by the applicant on 05/02/2021 shall be placed before the COC for its consideration on or before 22.03.2021. The COC shall deliberate on the Resolution Plan and its feasibility and viability and take a decision in the matter on or before 25th of March, 2021. With these directions I.A. No. 197/KB/2021 shall stand disposed of. x ...x x 5. I.A. No. 274/10/2021: This is an application filed by the RP for liquidation of the Corporate Debtor. Since in I.A. No. 197/KB/2021 we have directed the COC to con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... follow is to pass order of liquidation. Thus, it is claimed that the impugned order deserves to be set aside and liquidation orders of the Corporate Debtor should be passed. 5. The Adjudicating Authority in the impugned order in Para 11 to 17 observed and held as under: 11. The primary question that comes up for consideration at this stage is whether there has been any violation of the order dated 16.03.2021 and if so, whether it is sufficient to order liquidation of the corporate debtor. 12. At the outset, we record our disapproval, in the strongest possible terms, the actions of the RP and the majority members of the COC in not sticking to the timelines specifically given in the order dated 16.03.2021 and unilaterally extendi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 16.03.2021 without approaching or even once mentioning the matter before the Court for enlargement of time. 15. Given the circumstances and the fact that voting has already been taken place in resolution plan, we do not at this stage pass any orders with respect to liquidation of the corporate debtor. However, the conclusion is inescapable that we have been presented with a fait accompli both by the RP and by the COC in the guise of maximisation of value of the corporate debtor. This attitude needs to be strongly deprecated and we express our deep displeasure in this regard. RP and the COC ought to have been more careful in this regard. 16. In the circumstances, the prayers sought for in the present IA 426/KB/2021 cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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