2019 (10) TMI 1307 - AT - Insolvency and Bankruptcy

Validity of Liquidation Order passed - allegation that the order of liquidation has been passed in absence of any viability and feasibility of the Resolution Plan - HELD THAT - Appellant submits that the Appellant wanted the documents relating to fair value and liquidation value but it was not supplied to the Appellant. However, that cannot be a ground to interfere with the impugned order of liquidation. Now the order of liquidation having been passed, we are of the view that all the stakeholders, including the Promoters/ shareholders are entitled to know the fair value/ liquidation value of the Corporate Debtor. The Appellant/ Shareholder be provided with the liquidation value of the Corporate Debtor preferably within three weeks from the date of production of the copy of this order - Appeal disposed off.

Summary

The appeal was filed against the order of liquidation passed by the Adjudicating Authority. The Appellant requested documents related to fair value and liquidation value, which were not provided. The Tribunal ordered that stakeholders, including the Promoters, should be provided with the liquidation value of the Corporate Debtor within three weeks. The appeal was disposed of with this decision.