TMI Blog2019 (2) TMI 1964X X X X Extracts X X X X X X X X Extracts X X X X ..... etics Limited . Further, this Appellate Tribunal do not agree with the observations made by the Adjudicating Authority that even if the case has not been considered on merit, remand will be futile. If a case is not considered by the Committee of Creditors in accordance with law, it is the duty of the Adjudicating Authority to remand the matter to the Committee of Creditors for reconsideration - However, as this Appellate Tribunal has observed that the Committee of Creditors considered the matter and voted against the Resolution Plan , this Appellate Tribunal is not inclined to remand the matter to the Committee of Creditors . The liquidator is directed to act in accordance with law - Appeal disposed off. - Company Appeal (AT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Appellants, held that remand will be futile as the plan cannot be considered. According to learned Senior Counsel, such finding is erroneous. 4. Learned counsel appearing on behalf of the two of the members of the Committee of Creditors referred to the decision of the Committee of Creditors as held in its meeting on 18th September, 2018 at 3.00 PM to suggest that the Resolution Plan submitted by two Resolution Applicants including the Appellants were considered and were voted against by all members of the Committee of Creditors . The relevant portion of the decision of the Committee of Creditors aforesaid reads as follows: . COC members along with the Resolution Professional discussed about the resolution plan and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmits that he will act in accordance with the decision of this Appellate Tribunal in S.C. Sekaran v. Amit Gupta Ors. (Supra) and if any Compromise or Arrangements is made between the creditors or the members or class of them, then application under Section 230 of the Companies Act, 2013 will be moved before the National Company Law Tribunal. 8. Heard learned counsel for the parties and perused the record. 9. In the present case, as this Appellate Tribunal find that the Committee of Creditors have voted against the Resolution Plan having found it not feasible and viable, this Appellate Tribunal is not deciding the first issue whether Board of Directors of M/s. Ashok Magnetics Limited - ( Corporate Debtor ) or any of its membe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion etc. as prescribed under Section 35 of the I B Code. The Liquidator will access information under Section 33 and will consolidate the claim under Section 38 and after verification of claim in terms of Section 39 will either admit or reject the claim, as required under Section 40. Before taking steps to sell the assets of the corporate debtor(s) (companies herein), the Liquidator will take steps in terms of Section 230 of the Companies Act, 2013. The Adjudicating Authority, if so required, will pass appropriate order. Only on failure of revival, the Adjudicating Authority and the Liquidator will first proceed with the sale of company s assets wholly and thereafter, if not possible to sell the company in part and in accordance with law ..... X X X X Extracts X X X X X X X X Extracts X X X X
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