2023 (8) TMI 1379 - SCH - Insolvency and Bankruptcy

Approval of acquisition plan submitted by the Respondent Nos. 5 to 8 - rejection of appointment of Independent Forensic Auditor - It was held by Arbitral Tribunal that Adjudicating Authority did not commit any error in passing the Order dated 11th May, 2022 approving the Auction of Corporate Debtor as a going concern in favour of Respondent Nos. 5 to 8. The Adjudicating Authority also did not commit any error in rejecting the Application filed by the Appellant praying for appointment of Independent Forensic Auditor for conducting a forensic audit. The said application has rightly been rejected by the Adjudicating Authority. HELD THAT - There are no reason to interfere with the impugned order of the National Company Law Appellate Tribunal, since no substantial question of law is involved in the appeal. - appeal dismissed.

Summary

The Supreme Court dismissed the Civil Appeal as no substantial question of law was involved in the appeal. The impugned order of the National Company Law Appellate Tribunal dated 03 February 2023 in Company Appeal (AT) (INS) No 673 of 2022 was upheld.