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TMI Blog2019 (6) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... And Mr. Sameer Kakar, RP., Mr. Ramji Srinivasan, Senior Advocate with Mr. Rishi Kapoor and Satish Rai, Advocates, Ms. Ekta Choudhary and Ms. Megha Karanwal, Advocates ORDER In absence of approved Resolution Plan, the Resolution Professional of Abhishek Corporation Limited (Corporate Debtor) filed application under Section 33 of the Insolvency and Bankruptcy Code, 2015 (hereinafter referred to as 'I&B Code') seeking, inter alia, initiation of liquidation of the Corporate Debtor. The application having been approved, the Financial Creditor and the Resolution Applicant have challenged the order dated 11th March, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. 2. When the matter was taken up on 11th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e direct the 'Resolution Professional' and the 'Committee of Creditors' to call for urgent meeting of the 'Committee of Creditors' and to give its opinion about the revised 'Resolution Plan' submitted by 'M/s. Manibhadra Polycot' and may ask other 'Resolution Applicants', if any to give their proposal and decide it within fortnight. Post these appeals 'for orders' on 1st May, 2019. In the meantime, it will be open to the Respondents to file reply affidavit within 10 days. Rejoinder, if any, be filed by the Appellants within a week thereof. Until further orders, the liquidation process may continue. The Liquidator will ensure that the Company remains a going concern. However, he will not sell or transfer or alienate or lease or crea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew RP taking Charge 17-Mar-18 The voting on the Resolution Plan was stayed by this Hon'ble Tribunal pursuant to the filing of the MA by the Dissenting Financial Creditors. Stay on E-voting by Hon. NCLT 08-Aug-18 3 days Stay vacated by Hon. NCLT 10-Aug-18 Total 21 days 6. Now having received the opinion of Committee of Creditors and taking into consideration that the Resolution Plan has been approved with 71.029% of voting shares and that the 700 workmen of Corporate Debtor can be saved from retrenchment, we set-aside the impugned order dated 11th March, 2019 passed by the Adjudicating Authority as also the consequential order(s) and remit the case to Resolution Professional to place the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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