TMI Blog2021 (9) TMI 1268X X X X Extracts X X X X X X X X Extracts X X X X ..... urther proceedings carried on by either the NCLT or by the Liquidator(including stay of E-Auction to be held on 29.9.2021 between 11.00 a.m. and 3.00 P.M. by the Liquidator in terms of Public Notices as per Public Notices (as prayed for in IA 436/2021 in TA No. 91/2021 in Comp. App.(AT)(Ins.) No. 314 of 2020) and viewed in that perspective dismisses the I.A. No. 436/2021 filed by the Applicant/Appellant, to secure the ends of justice. Application dismissed. - IA NO. 436 OF 2021 in TA No. 91/2021 Company Appeal(AT)(Insolvency) No. 314 of 2020 - - - Dated:- 28-9-2021 - [Justice M. Venugopal] Acting Chairperson And (Kanthi Narahari) Member(Technical) For the Appellant : Mr. Pankaj Jain, Advocate For the Respondents : Mr. Vaija ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed order dated 30.12.2019 passed by Adjudicating Authority on 30.12.2019 in I.A. No. 47/2019 in CP(IB)No.14/BB/2017(filed u/s 33(1) r/w Section 60(5) of the I B Code, 2016) was secured by the Resolution Professional by suppressing the material facts and without providing any opportunity to the Resolution Applicant to revise its offer for the betterment of the Corporate Debtor and also its Stakeholders. 4. It comes to be known that based on a company petition which was filed by the Financial Creditor Viz. Edelweiss Asset Reconstruction Company Ltd., CIRP was initiated on 1.5.2018 and that Mr. VijayKumar Iyer was appointed as the Interim Resolution Professional . Subsequently, resting on the application filed, the First Respondent was a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng bonafide and sincere endeavours were made by the Applicant / Appellant to revive the Corporate Debtor . 8. It is the version of the Applicant / Appellant that the Adjudicating Authority had ignored the objective of the B Code. Apart from this, it is the plea of the Applicant/Appellant that just because the Committee of Creditors which was basically Edelweiss Asset Reconstruction Company Ltd . had made certain caustic remarks in respect of the Resolution Plan , which were a baseless and a frivolous one, the Adjudicating Authority had ordered the liquidation of the Corporate Debtor by rejecting the Resolution Plan of the Appellant. 9. The Learned Counsel for the Applicant/Appellant comes out with a plea that the finding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... observed and held that the ambit of the Adjudicating Authority is to decide whether the amounts distributed to the Operational Creditors or in consonance with Section 30(2)(b) of the Code and there does not lie any independent equity based jurisdiction with the Adjudicating Authority. 14. On behalf of the Fourth Respondent it is represented that the relief sought for by the Applicant/Appellant in IA 436/2021 in Company Appeal(AT)(Insolvency) No. 314 of 2020 is not to be granted, as any stay order in respect of all further Liquidation proceedings either before the Tribunal or by the Liquidator(including stay of E-Auction to be held on 29.9.2021) will amount to granting of final relief of allowing the Appeal filed by the Appellant. 15. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Under these circumstances, the order of Liquidation dated 30.12.2019 came to be passed against the Corporate Debtor by the Adjudicating Authority after dealing with the facts of the case in detail and assigned reasons thereto. 18. According to the Learned Counsel for the eighth Respondent, the eighth Respondent filed IA No. 122/2021 before the Adjudicating Authority claiming extension of Liquidation process by a period of 180 days from 28.4.2021 which was allowed on 7.8.2021. Furthermore, the E-Auction of the assets belonging to the Corporate Debtor is now slated on 29.9.2021 on an online portal, where the interested Buyers (including the Applicant/Appellant) can register bid and receive affirmation of the acceptance of their bid on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is otherwise in conformity with the provisions of the I B Code and the Regulations under the enactment . 23. On a careful consideration of respective contentions, this Tribunal, taking note of the fact that the instant Company Appeal(AT)(Insolvency) No. 314 of 2020 is pending on the file of this Tribunal, keeping in mind that the Liquidation Order is dated 31.12.2019, and also considering the primordial fact that the Eighth Respondent had taken steps based on the Liquidation Order dated 31.12.2019 comes to a resultant conclusion that (i) the Prima Facie (ii) the Balance of convenience are not in favour of the grant of interim relief of stay of all further proceedings carried on by either the NCLT or by the Liquidator(including s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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