9911796707
TMI Blog2023 (6) TMI 1007X X X X Extracts X X X X X X X X Extracts X X X X ..... atisfied with the Impugned Order dated 14/10/2021, passed in IA No. 114/2020 in C.P.(IB) No. 679/7/HDB/2018, whereby and whereunder the 'Adjudicating Authority' has rejected the said Application, filed by the 'Resolution Professional' (RP) under Section 31(1) of the 'Insolvency and Bankruptcy Code, 2016' (hereinafter referred to as 'the Code'), it is observed as follows: 10. In the instant case before us, M/s Invent Assets Securitisation & Reconstruction Private Limited cannot submit resolution plan as co-Applicant along with M/s Longview Resources (HK) Limited Hong Kong, without the prior approval of RBI under Section 10 (2) of SARFAESI Act. Therefore, we are of the view that prima facie even though the entry point under Section 29A is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of security interest of secured creditors and such other requirements as may be specified by the Board". 2. Having observed that the 'Resolution Plan' preferred by one of the Resolution Applicants, required prior approval of RBI, the 'Adjudicating Authority', while rejecting the 'Resolution Plan' passed an order for Liquidation. The Appellant herein is the 'Interim Resolution Professional' ("IRP") whose main grievance is that while ordering Liquidation of the Corporate Debtor, the 'Adjudicating Authority' had appointed the 2nd Respondent herein as the 'Liquidator' contrary to the Statutory Provisions, by disqualifying the Appellant under Section 34 (4)(a) of the Code. 3. While so, this Tribunal in Company Appeal (AT) (CH) (Ins) No. 181 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the majority of 98.70% in its 27th meeting, held on 19/10/2020. The Hon'ble Supreme Court in a Catena of Judgments has held that the commercial wisdom of the CoC is non-justifiable and in the instant case, we do not see any material irregularity, under Section 30(2) of the 'IBC Code, 2016'. 11. Keeping in view, the clarification given by the Counsel for RBI that the 'prior permission' is not required, this 'Tribunal' is of the considered view that the Adjudicating Authority ought not to have rejected the Resolution Plan, more so, when the principal objective of the Code is that 'revival of the Corporate Debtor and Resolution'. Liquidation ought to be the last resort, keeping in view the scope and spirit of the Code. 4. As 'Liquidation ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
