TMI Blog2022 (9) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... was passed on 28.06.2022 for liquidation. The Application which was filed by the Appellant on the very next day of passing of the resolution was indirectly for challenging the liquidation. The Appellant who is a minority shareholder in the CoC cannot resist the passing of the resolution. The Adjudicating Authority has rightly rejected the application filed under Section 18 of Code and Regulation 34A, which was not to be entertained. The Appellant asked Resolution Professional to disclose item wise insolvency resolution process costs in such manner as required by the Board (IBBI). Question of cost and its approval lays in the domain of the CoC. The CoC may ratify, modify or set aside the cost claimed. These issued may be decided in the me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al to follow the steps needed under Section 18 and Section 20(2)(a) of the IBC including Forensic Audit Report before proposing liquidation of Corporate Debtor; and/or; d. Change the Resolution Professional , if needed ; 2. The Adjudicating Authority after considering the application of the Appellant has rejected the same, in Para 5 and 6 of the order following has been observed: 5. This interlocutory application has been filed the Applicant under Section 18 of the Code read with Regulation 34A of the Insolvency Resolution Process for the Corporate Person. Whereas, Section 18 of the Code envisaged the Duties of the Interim Resolution Professional and Regulation 34A of the Insolvency Resolution Process for Corporate Person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection, it is hereby declared that the committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub-section (1) of section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum.] 5. In the present case, the CIRP had commenced on 19.12.2019 and after more than two years, resolution was passed on 28.06.2022 for liquidation. The Application which was filed by the Appellant on the very next day of passing of the resolution was indirectly for challenging the liquidation. The Appellant who is a minority shareholder in the CoC cannot resist the passing of the resolution. The Adjudicating Authority has right ..... X X X X Extracts X X X X X X X X Extracts X X X X
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