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TMI Blog2021 (8) TMI 586X X X X Extracts X X X X X X X X Extracts X X X X ..... p the Amended Appeal from Diary No.28565 where amendment was allowed. 2. Heard Counsel for the Appellant. The Appellant- 'M/s. Unicon Buildtech' has filed this Appeal against impugned order passed in IA/901/2021 in CP (IB)/470(ND)/2019 passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) on 31st May, 2021. The Adjudicating Authority by the said impugned order allowed the Application filed by the Resolution Professional seeking liquidation of the Corporate Debtor ('Durha Vitrak Private Limited'). The Appeal claims and the Learned Counsel is pointing out that the Appellant is a prospective Resolution Applicant who participated in the Corporate Insolvency Resolution Process (CIRP) proceedings and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and thus, his plan was required to be considered. 4. It is argued for the Appellant that after such meeting on 28th January, 2021, the Resolution Professional filed Application I.A 910/2021 to approve the liquidation of the Corporate Debtor. According to the Appellant, the Appellant filed I.A 1625/2021 on 26th March, 2021 seeking opportunity from Adjudicating Authority to present Resolution Plan of the Appellant before CoC. The Learned Counsel for the Appellant is arguing that while I.A 1625/2021 was still pending, the Adjudicating Authority has passed impugned order without considering the pending I.A 1625/2021 filed by the Appellant. Because of the liquidation order passed, the I.A filed by the Appellant has become infructuous. Thus, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Resolution Applicant to run a hospital. f. In the partners of this resolution applicant, there is no doctor. All three partners are business persons dealing in real estate. g. It is mentioned that one Dr Chandra Shekhar will have 10% shareholding in the corporate debtor, but there are no documents to show consent of said Dr Chandra Shekhar. h. There is no proposal of upfront payment to creditors and there is no clarity of the period in which the resolution applicant proposes paying an upfront payment. i. There is no security proposed to provide for creditors. j. In clause 6 of the implementation schedule, the resolution applicant seeks the hospital on a Lease during the term of the Resolution Plan. k. The resolution applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f liquidator thereof. The committee discussed the liquidation and liquidation process. The committee also discussed the impact of the liquidation on the Corporate Debtor and possibility of realization of assets of the Corporate Debtor. The following resolution was placed before the committee of creditors to be voted through E-Voting: "RESOLVED THAT in pursuant to Section 33 (2) of IBC 2016 and the rules made thereunder, the consent of members of the Committee of Creditors be and is hereby accorded to approve the filing of an application with Hon'ble Adjudicating Authority, regarding the initiation of liquidation of Corporate Debtor and to appoint the existing Resolution Professional, subject to given his consent to act as liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at there is no vested right or fundamental right in the Resolution Applicant to have its Resolution Plan approved. In the present matter, the CoC considered and in its wisdom did not grant further time and rejected the Resolution Plan. As such, we do not find any reason to interfere in the impugned order only on the basis that the Appellant had filed an I.A before the Adjudicating Authority and the Adjudicating Authority without deciding the I.A passed order of liquidation. 7. In this matter, Section 7 Application was admitted on 8th November, 2019 and the order of liquidation came to be passed on 31st May, 2021. Keeping Section 12 of the IBC in view and the time frame within which CIRP should be completed, we do not find the Appellant mak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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