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TMI Blog2023 (6) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. This Appeal is filed against the 'Impugned Order' dated 18.04.2023, passed in IA(IBC)96/2021 in C.P. (IB) No.166/7/HDB/2019 by the 'Adjudicating Authority' (National Company Law Tribunal, Hyderabad Bench - II), whereby and whereunder the 'Adjudicating Authority' has allowed the IA seeking Liquidation of the 'Corporate Debtor Company'. Aggrieved by this direction, the suspended Director of the 'Corporate Debtor Company' preferred this Appeal. 2. Facts in brief are that the Corporate Insolvency Resolution Process ('CIRP') was initiated by the 'Adjudicating Authority' vide 'Order' dated 05.09.2019 against the 'Corporate Debtor Company' in a Section 7 Application filed by M/s. State Bank of India ('SBI'), subsequent to which, invitation f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad already expired on 13.01.2021 and there were no Resolution Plans in the offing, the Application seeking liquidation under Section 33(1) was allowed. 5. Learned Sr. Counsel, Mr. PH Arvindh Pandian submitted that IA 97/2021 was filed by SBI seeking extension of the CIRP, which was allowed and the CIRP was extended till 31.03.2022. IA 96/2021 was filed in February, 2021 on the premise that maximum period of CIRP had come to an end and therefore in terms of Section 33(1) of the Code, the 'Corporate Debtor' would be liquidated. The basis of this Application had challenged vide the 'Order' of the 'Adjudicating Authority' in I.A.97/2021, wherein vide 'Order' dated 05.01.2022, the CIRP was extended Suo Motu upto 31.03.2022. The Application was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set aside, the 'Appellant' would be able to complete the legal documentation and made the OTS funding. The Hon'ble Supreme Court in 'K.N. Rajakumar' Vs. 'V. Nagarajan & Ors.' Civil Appeal No. 1792/2021, has observed as follows: "16. It could thus be seen that one of the principal objects of the IBC is providing for revival of the Corporate Debtor and to make it a going concern. Every attempt has to be first made to revive the concern and make it a going concern, liquidation being the last resort." 7. The Hon'ble Supreme Court in 'Kridhan Infrastructure Pvt. Ltd. (Now Appellant(s) Known as Krish Steel & Trading Pvt. Ltd.' Vs. 'Venkatesan Sankaranarayan & Ors.' Civil Appeal No. 3299/2020, has observed as hereunder: "9. Liquidation of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a 'Special Bench' and the matter stood slated for 16.08.2022. Thereafter, an I.A.688/2022 was filed on 08.07.2022 by the ERP to have the Liquidation pursued. On 01.09.2022, the Counsel appearing for SBI pressed for Liquidation of the 'Corporate Debtor', as despite several opportunities, the settlement could not be arrived at. Learned Counsel submitted that several opportunities were given and there was no settlement arrived at and therefore the 'Adjudicating Authority' was perfectly justified in passing the 'Order of Liquidation'. 10. Learned Sr. Counsel for the Appellant also drew our attention to the Minutes of the 18th CoC Meeting wherein it was observed as follows : 11. From the aforenoted Minutes, it is clear that it is dated way bac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.10 Crs./- by 15.10.2022. Based on this submission, the Bench again granted time till 18.10.2022; viii. On 18.10.2022, it was informed to the Bench that Rs.2.5 Crs./- was deposited on 18.10.2022, and once again three weeks' time was sought for to deposit the balance amount. The Hon'ble Bench granted a further three weeks' time and the matter was posted for 18.11.2022; ix. On 18.11.2022, the 'Appellant' sought for some more time on the ground that the ex-Promoter was ill and as Rs. 2 Crs./- was deposited by them. The Bench once again granted time till 07.12.2022 as a last chance; x. On 07.12.2022, the 'Appellant' herein deposited an amount of Rs.50Lakhs/- and sought for three more weeks' time to pay the balance amount. Based on his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the Hon'ble Apex Court in paras 4 and 5 have noted as follows: "4. Appearing on behalf of the appellant, Ms. Meenakshi Arora, learned senior counsel presses for an order of status quo till such time the judgment on the appeal is rendered by the NCLAT, Chennai. According to her, the appeal would be rendered infructuous should the Liquidator act adverse to the interest of the appellant. 5 In course of hearing, we have been informed that after summer vacation, the NCLAT, Chennai reopens on 5th June, 2023. In such view of the matter, we grant liberty to the appellant to approach the NCLAT, Chennai on 5th June 2023 and seek such relief as may be available to him in law. It is expected that till 5th June, 2023, the Liquidator shall not t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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