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TMI Blog2019 (10) TMI 963X X X X Extracts X X X X X X X X Extracts X X X X ..... ma, Member(Judicial) And Justice Kanthi Narahari, Member (Technical) For The Appellant : Mr. Davesh Bhatia, Advocate For The Respondents : Ms. Rekha Shah, Liquidator and Mr. Premtosh Mishra, Advocate ORDER This appeal has been preferred by Daiyan Ahmed Azmi, promoter of 'Leo Duct Engineers & Consultants Ltd.'- ('Corporate Debtor') against the order dated 8th March, 2019 passed by the Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve already intimated the Adjudicating Authority that they are considering the matter and in spite of the same, the Adjudicating Authority has rejected the prayer for extension, which resulted in order for liquidation. 4. Learned counsel appearing on behalf of 'Liquidator'/ subsequent 'Resolution Professional' accepted that the application for exclusion was filed by the 'Resolution Professional' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors'. 7. Taking into consideration the stand taken by the parties including the 'Resolution Professional', we are of the view that the Adjudicating Authority should have allowed the intervening period i.e. the period when erstwhile 'Resolution Professional' Mr. Martin S.K. Golla stopped functioning i.e. from 8th December, 2019 to 11th January, 2019 till the subsequent 'Resolution Professional' ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raw the application under Section 10. All processes should be completed within 30 days and matter should be placed before the Adjudicating Authority. If the 'Committee of Creditors' do not accept the application in terms of Section 12A with 90% voting shares, then only the Adjudicating Authority will pass order for liquidation and direct the Liquidator to act in terms of decision of this Appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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