9911796707
TMI Blog2020 (6) TMI 756X X X X Extracts X X X X X X X X Extracts X X X X ..... decision as regard the feasibility and viability of the Resolution Plan cannot be questioned before the Adjudicating Authority or even before this Appellate Tribunal. Likewise, the decision of the Committee of Creditors recommending liquidation of the Corporate Debtor after proper evaluation of the assets and liabilities of Corporate Debtor with no Resolution Plan forthcoming would be a business d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thota, Resolution Professional (R-3). Mr. K. Dushyantha Kumar, Liquidator (R-4) ORDER Though we are not convinced that the cause assigned is a sufficient cause warranting restoration of dismissed appeal to file, in view of the circumstances of the case viz. the appeal being preferred against the order of liquidation passed by the Adjudicating Authority we deem it appropriate to allow res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmitted that M/s Altico Capital India Ltd. did not fall within the definition of Financial Creditor and objection in this regard had been raised before the Interim Resolution Professional when claim was filed by M/s Altico Capital India Ltd. before the Interim Resolution Professional. Therefore, it is submitted that the Corporate Insolvency Resolution Process got vitiated and could not culmi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidation cost was not ascertainable and available liquid assets were only of the value of ₹ 29,60,000/- whereas total claims received against the Corporate Debtor were for ₹ 2,35,72,27,259/-. The Committee of Creditors finding no other option available recommended initiation of liquidation proceedings by a majority of 70.97%. It is by now settled that, the commercial wisdom of the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
