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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 ..... ILVEROAKS COMMERCIALS LIMITED , NASHIK MERCHANT CO-OPERATIVE BANK LIMITED, CITY CO-OPERATIVE CREDIT AND CAPITAL LIMITED, MR. P.L. ADKE, GALACTICO CORPORATE SERVICES LIMITED CITY CO-OPERATIVE CREDIT AND CAPITAL LIMITED Versus CMA HARSHAD S. DESHPANDE , M/S SILVEROAKS COMMERCIALS LIMITED, NASHIK MERCHANT CO-OPERATIVE BANK LIMITED, MR. P.L. ADKE, GALACTICO CORPORATE SERVICES LIMITED, SHAILAJA VAIBHAV PATIL, VIKAS SURESH MALEKAR MR. P.L. ADKE Versus HARSHAD S. DESHPANDE, NASHIK MERCHANT CO-OPERATIVE BANK LIMITED, CITY CO-OPERATIVE BANK LIMITED, SHAILAJA VAIBHAV PATIL, VIKAS SURESH MALEKAR [ Justice Rakesh Kumar Jain ] Member ( Judicial ) And [ Mr. Kanthi Narahari ] Member ( Technical ) For the Appellant : Mr. Varun Singh , Advocate For th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the Corporate Debtor (Silveroak Commercial Ltd.) which was admitted on 01.05.2019 and Rajendra Kumar Khandelwal was appointed as an Interim Resolution Professional (IRP). However, in the 3rd CoC meeting held on 16.07.2019, Alkesh Rawka was appointed as Resolution Professional (RP) and his appointment was approved by the Adjudicating Authority on 19.08.2019. After the advertisement was published inviting expression of interest (EOI) in Form-G, the RP received four EOI from (a). Nashik Merchant Cooperative Bank Ltd. (CoC Member) (b). Galactico Cooperative Services Ltd. (c). Mr. Prakash Adke (d). Mr. Amar Patil (Suspended Director). Out of the four, only two submitted the resolution plan i.e. M/s Galactico Cooperative Services Ltd. and P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eas in appeal bearing 11 of 2021 stay was granted to the effect that "the liquidator may carry on the process but shall not sell the liquidation estate till next date of hearing". 6. Counsel for the Appellant in CA (AT) (Ins.) No 1123 of 2020 has submitted that since there was dissenting view of CoC in the 10th Meeting and Nashik Merchant Cooperative Bank Ltd. was having a major voting share, therefore, resolution was passed to appoint liquidator to proceed with the liquidation but after the 10th Meeting of CoC held on 21.01.2020 and passing of the impugned order on 16.12.2020, the Appellant (City Co- Operative Credit And Capital Limited) has purchased the share of Nashik Merchant Cooperative Bank Ltd. by way of an assignment deed dated 05 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n as such in the Code to deal with such a situation but Rule 11 of the NCLAT Rules, 2016 provides the inherent power which may be invoked. 9. We have heard Counsel for the parties and perused the record with their able assistance. 10. The facts are not in dispute as these are borne out from the record. The resolution plan submitted by M/s Galactico Cooperative Services Ltd. and P.L. Adke were strongly opposed by Nashik Merchant Cooperative Bank Ltd. having 81.45% voting share and a decision was taken in the 10th CoC meeting held on 21.01.2020 for initiation of liquidation proceedings. The RP filed the application under Section 33 of the Code which was allowed on 16.12.2020. It was during the pendency of these appeals, the assignment deed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iction to change its opinion in favour of the resolution plan to make it a success and Regulation 26(2) being directory which also stands deleted, we set aside the impugned order and hold that the resolution plan being in conformity with Section 30(2) warranted approval by the Adjudicating Authority". With utmost respect, the ratio in the case of Sharad Sangi (Supra) is not applicable to the facts and circumstances 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. Similarly, the decision in the case of State of Maharashtra (Supra) is also not applicable to the facts and circumstances of the present case. Moreover, the said decision is under challenge before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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