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TMI Blog2025 (5) TMI 940X X X X Extracts X X X X X X X X Extracts X X X X ..... u Bhuteria, Sr. Advocate with Ms. Shreya Choudhary, Mr. Manish Jain, Advocates for R-3/liquiator. Mr. Brijesh Kumar Tamber, Mr. Prateek Kushwaha, Advocates. ORDER These two appeals have been filed by the Suspended Director of the Corporate Debtor challenging the order dated 20.02.2025 in I.A. No. 2046/KB/2023 and I.A. No. 97/KB/2024. 2. Brief facts necessary to be noticed for deciding the appeal are: 3. On an application filed under Section 7 by the Central Bank of India CIRP against the Corporate Debtor M/s Sasa Musa Sugar Works Pvt. Ltd. commenced on 09.03.2021. 4. After issuance of Form G the appellant as Suspended Director has submitted a Resolution Plan for consideration. 5. Earlier the plan was approved of one M/s SJPB Hathua Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddendum, submitted the plan value was increased to Rs. 89 Crore. 12. It is submitted that Adjudicating Authority later directed to consider the addendums submitted. Although the order was passed by the Adjudicating Authority to consider the addendum of the appellant, the plan was not considered. 13. Ld. Counsel appearing for the liquidator submitted that the adjudicating authority has consider all aspects of the matter and has rightly allowed the application for liquidation. It is submitted that a committee of Creditors in commercial wisdoms has considered and deliberated on the plan submitted by the appellant and found that plan not to be approved, the course open for the committee of creditor was only to direct for liquidation. 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion has also been allowed by the adjudicating authority which order has become final. 19. Ld. Counsel for the appellant lastly submitted that as per regulation 2B of the liquidation regulation 2016 the appellant is entitled to submit a scheme for arrangement it being MSME and hence the opportunity be given to the appellant to submit a scheme of arrangement as contemplated in 2B. 20. Ld. Counsel for the liquidator has referred to second proviso to 2B and submit that in the present case there is no recommendation under Regulation 39-BA of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 21. It is further submitted that although notice for e-auction was issued by liquidato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency Resolution Process for Corporate Persons) Regulations, 2016.
25. We however are of the view that second proviso of Regulation cannot control the provision of Section 2B (1) which is a provision giving a opportunity for submitting a compromise or arrangement under Section 230 of the Companies Act, 2013.
26. We thus are of the view that the appellant is fully entitled to submit a scheme compromise or arrangement under Regulation 2 B.
27. We thus are of the view that the appellant may submit a compromise or arrangement on or before 20.05.2025.
28. The liquidator shall after receiving any compromise or arrangements take such further steps as required by law.
29. Subject to liberty as above, we dismiss both the appeals. X X X X Extracts X X X X X X X X Extracts X X X X
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