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TMI Blog2022 (6) TMI 172X X X X Extracts X X X X X X X X Extracts X X X X ..... The mere fact that the Appellants in this Appeal claims that they are interested to offer a higher amount to one which the Corporate Debtor has been auctioned cannot be a ground to entertain this Appeal or interfere with the impugned order. Everyone including the Appellants had ample opportunity before the Adjudicating Authority when proceedings were on to submit appropriate Scheme Under Section 230. A Scheme under Section 230 was submitted by Mahalaxmi Continental Limited an Operational Creditor which was a consortium of Operational Creditors including some of the Appellants also. The Scheme was subsequently withdrew by the Applicant. It is amply clear that there is no Scheme under Section 230 which may obviate proceeding in the liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority vide an order dated 02.05.2019 directed for liquidation in light of the fact that the CIRP period of 270 days was over and no Resolution Plan was received. The Corporate Debtor filed an Appeal against the order dated 02.05.2019 in this Tribunal which Appeal was disposed of on 29.05.2019 upholding the order of liquidation. This Tribunal also directed the Liquidator to ensure that the Corporate Debtor remains a going concern. The Liquidator filed CA No. 1255/2019 before the Adjudicating Authority for extension of time for exploring a scheme under Section 230 by a period of 90 days. On 22.10.2019, Mahalaxmi Continental Limited sent a letter to the Liquidator communicating interest in submitting proposal for revival under Section 230. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mahalaxmi Continental Limited and file status report. The Liquidator convened meeting of Committee of Stakeholders on 02.09.2020. In the meeting of the Committee of Stakeholders, 42.32% of admitted claim supported the Scheme. The consortium led by Mahalaxmi Continental Limited filed an Application I.A 3770/2020. On 26.04.2021 the Liquidator filed an Application I.A 3150/2020 praying for directions permitting the Liquidator to proceed with the liquidation of the Corporate Debtor in accordance with the law. On 26.04.2021 (one of the impugned order), the Adjudicating Authority disposed of I.A of the liquidator directing the Liquidator to proceed as per direction given by this Appellate Tribunal in Company Appeal (AT) (Ins.) No. 585 of 2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Company Law Tribunal, Bench II, New Delhi. (ii) That this Hon ble Appellate Tribunal may be pleased to quash the e-auction notice dated 03.03.2022 issued by Respondent No.1 Liquidator for sale of assets of the Corporate Debtor. (iii) That the Hon ble Appellate Tribunal may be pleased to direct the Liquidator to facilitate a proper consideration of scheme submitted under Section 230; (iv) That this Hon ble Appellate Tribunal may pass any other or further order as this Hon ble Appellate Tribunal may deem fit in the facts and circumstances of the case. 4. The Appellant prays for quashing both the order dated 26.04.2021 directing for Liquidation as well as order dated 07.03.2022 permitting withdrawal of I.A 3770/2020. Fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor remains a going concern, we are of the view that the Liquidator should approach the Union of India through the concerned Department for realization of the funds to ensure that the Corporate Debtor remains a going concern. Union of India though party before us in one of the appeal, is expected to release certain funds from the Consolidated Fund, if permissible for ensuring that the Corporate Debtor remains a going concern and scheme or arrangement may be reached under Section 230 of the Companies Act, 2013 or it can be sold as a going concern along with its employees/ workmen to a third party. Both the Appeals stand disposed of with the aforesaid observations and directions. No cost. 9. It was as early as on 29.05.2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t: Taking into consideration the aforesaid facts and circumstances, we are not inclined to interfere with the impugned order dated 2nd May, 2019, but direct the Liquidator to follow the decision of this Appellate tribunal in Company Appeal (AT) Insolvency) No.224 of 2018 . 28. Since, a direction as mentioned above has already been given by the Hon ble NCLAT, while disposing of the Appeal, therefore, in our considered view, there is no law which permits this Adjudicating Authority to reconsider/review the order already passed by the Hon'ble NCLAT, the Liquidator is well advised to proceed as per the directions given by Hon'ble NCLAT in Company Appeal (AT) (Insolvency) No. 585/2019. 29. So far as the points raised by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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