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TMI Blog2022 (12) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances of the present case because there is a change in the voting share in the present case that takes place after the order of liquidation. It is also pertinent to mention that it has been time and again held by the Hon ble Apex Court that the Code is complete in itself and since there is no provision to deal with such a situation as we have one in hand, we do not find it to be a fit case to apply Rule 11 of the NCLAT Rules 2016 which operate in altogether different sphere. Looking from any angle, we could not persuade ourselves to accept the contention raised by the Appellants in the present three appeals for setting aside the impugned order and to set the clock back on the asking of the Appellant (City Co-Operative Credit And ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication bearing M.A. No. 510 of 2020 filed by the Resolution Professional seeking liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016 (in short Code ) has been allowed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court- III). 2. CA (AT) (Ins.) No. 1123 of 2020 City Co-Operative Credit And Capital Limited Vs. CMA Harshad S. Deshpande Ors has been filed by the secured Financial Creditor. CA (AT) (Ins) No. 11 of 2021 Mr. P.L. Adke Vs. Harshad Deshpande Ors. has been filed by the Resolution Applicant and CA (AT) (Ins.) No. 1122 of 2020 Shailaja Vaibhav Patil Anr. Vs. CMA Harshad Deshpande Ors. has been filed by the ex-director of the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the effect that resolved that, pursuant to Section 33 of the Insolvency and Bankruptcy Code, 2016 the approval of members of committee of creditors be and is hereby accorded for liquidation of Corporate Debtor 4. Pursuant to the aforesaid resolution, having been passed in 10th CoC meeting held on 21.01.2020, the RP filed an application under Section 33 of the Code for seeking following two reliefs (a) to pass an order under Section 33 of the Code commencing the liquidation process of the Corporate Debtor, (b) to appoint Mr. Harshad Deshpande as a liquidator of Corporate Debtor. The Adjudicating Authority, after considering the application of the RP, found it to be a fit case to pass the order of liquidation under Section 33 of the Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... revival of the Corporate Debtor. In nutshell, it is argued that this Tribunal still can pass an order of turning the clock back even after the CoC has become funcutous officio after the 10th meeting of CoC passing the resolution of liquidation and the application under Section 33 of the Code has been allowed by the Adjudicating Authority, appointing the liquidator to proceed with the liquidation of the asset of the Corporate Debtor. In support of his submissions, he has relied upon a decision of this Court in the case of Mr. Sharad Sangi Vs. Vandana Garg Ors., CA (AT) (Ins.) No. 461 of 2018 and State of Maharashtra Vs. Videocon Industries Ltd. Ors., 2022 SCC Online NCLAT 6. 7. On the other hand, Counsel for the Respondent has argued t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set aside and the matter be remanded back to the CoC for considering the resolution plan of P.L Adke. The Appellant has tried to take support from an earlier decision of this Tribunal in the case of Sharad Sangi (Supra). We have gone through the decision of the coordinate bench. In this case the order was passed by the Adjudicating Authority on two grounds, namely, total period of 270 days had lapsed by the time last voting took place on 02.04.2018 and secondly, as on 26 27.03.2018 the voting percentage was 62.66% which is less than 75%. It was noticed as to whether a member who had already opined, can change its opinion or not? It is the matter which can be decided by the CoC which may extend the period and allow for a fresh voting and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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