TMI Blog2023 (11) TMI 482X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency) No. 1465- 1466 of 2023 & I.A. No. 5250 of 2023 - - - Insolvency & Bankruptcy - Liquidation of the Corporate Debtor - no resolution plan has been received in the CIRP - HELD THAT:- When no resolution plan has come up in the CIRP, Liquidation is only option which was rightly resolved by the CoC in its meeting. The Adjudicating Authority did not commit any error in allowing the Applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor as well as rejected the I.A. No. 25/AHM/2023 filed by the Appellant praying various reliefs. 3. Brief facts of the case necessary to be noticed for deciding this Appeal are. The CIRP against the Corporate Debtor was initiated by Order dated 15.04.2021. In the CIRP, no Resolution Plan can be received. The Appellant who is suspended director of the Corporate Debtor challenged the Order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in CP (IB) No. 173 of 2019 considering the peculiar facts and circumstances including in particular the fraudulent and malicious proceedings taken by respondent bank read with the judgment of Hon'ble Supreme Court in the case of Vidarbha Industries Power Limited vs. Axis Bank, reported at (2022) 8 SCC 352, in the interest of justice; B. This Hon 'ble Adjudicating Authority may be imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce with the scheme of IBC and there were several allegations against the Resolution Professional. It is further submitted that initiation of CIRP itself was bad. 6. We have considered the submissions of Learned Counsel for the Appellant and perused the record. 7. When the Adjudicating Authority admitted Section 7 Application the same was challenged by the Appellant before this Tribunal as we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scheme provided it is eligible within meaning of Section 29A as per Regulation 2B of the Liquidation Process, Regulations, 2016. 9. Learned Counsel for the Appellant lastly submits that there is various litigation on behalf of Companies as well as Suspended Director against the Bank which ought to have been pursued by the Resolution Professional. We are of the view that in so far as litigation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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