9911796707
TMI Blog2020 (6) TMI 808X X X X Extracts X X X X X X X X Extracts X X X X ..... the Novel Corona Pandemic, it appears to me that allowing this application will not any way help the applicants to present a techno economically viable plan as mandated by the creditors. Since the power of the tribunal is limited and this Tribunal has no power to interfere with the commercial wisdom of the creditors to approve or not to approve the scheme, the submission on the side of the applicant, cannot be accepted, extending sympathy upon them. The law is settled as to the power of the tribunal in regards issuing direction to the creditors to reconsider a scheme like the scheme in hand. Law is settled that the Company Court's jurisdiction is peripheral and supervisory and not appellate. This application is not worth consideratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erations of Corporate Debtor have been heavily disturbed. This has put a severe strain on the economy and assets of the Company have been further devalued. It is in these circumstances that the present application is being filed praying for appropriate directions from this Hon ble Court to the Creditors to re-consider the scheme filed under section 230 of the Companies Act, 2013, afresh considering the present circumstances where due to the ongoing CoronaVirus crisis, the situation may lead to loss of employment and affect assets of Corporate Debtor. Hence the application was moved with a prayer for an early hearing through video conference (VC). 3. Being satisfied with the urgency setup on the side of the applicants, this application wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany and therefore, there is remote possibility of reconsideration of the scheme by the creditors. He said. 7. Ld. Counsel for the financial creditor submits that the order of liquidation was passed in 2018. Now more than 2 years passed but there is no scope at all for revival of the Company. He refers to page 125 of the minutes of the meeting held on 18th February, 2020 wherein the creditors also were present and raised questions why the scheme could not be accepted after a detailed deliberation amongst the presence of the lenders. According to him, the Ld.Counsel for the applicant failed in convincing the Bench in what manner they can infuse funds and how restructuring of the debt is possible without infusion of funds and submits that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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