2020 (7) TMI 56 - AT - Insolvency and Bankruptcy

Liquidation of Corporate Debtor - sections 33 34 of the Insolvency and Bankruptcy Code, 2016 - grievance of the Appellant is that he is against the appointment of the Liquidator - HELD THAT - We are not inclined to interfere with the impugned order as after the liquidation the 'Committee of Creditors' has no role to play and they are simply a claimant whose matters are to be determined by the Liquidator and cannot move an application for removal of Liquidator in absence of any provisions under the law. Appeal dismissed.

Summary

The National Company Law Appellate Tribunal, New Delhi, dismissed the appeal against the appointment of a Liquidator in the Corporate Insolvency Resolution Process of M/s. ORG Informatics Ltd. The Committee of Creditors, led by Punjab National Bank, decided to move the application for liquidation, which was accepted by the Adjudicating Authority. The Appellant's grievance was rejected as the Committee of Creditors has no role after liquidation and cannot remove the Liquidator without provisions under the law. The appeal was dismissed with no costs.