9911796707
TMI Blog2023 (2) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtors, the Appellant, may be permitted to submit a combined Resolution Plan, qua both the Corporate Debtors, before the Committee of Creditors, and direct them to reconsider the same - The version of the 1st Respondent / Appellant is that, BMW Group is controlling the Committee of Creditors of both the Corporate Debtors, as well as Koyenco Autos Private Limited, having 68.15% and 74.80% Voting Shares, respectively. This Tribunal, on going through the respective contentions advanced on either side, taking into account of the facts and circumstances of the instant case, in a conspectus fashion and also keeping in mind the full Claim of the Petitioner, was admitted by the Liquidator, this Tribunal comes to a consequent conclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Liquidation Order , passed by the Adjudicating Authority , is not to be displaced / dislodged , by this Tribunal . Furthermore, the Corporate Debtor was registered as an MSME , only on 19.04.2021, much after the filing of the Insolvency Application , by the Federal Bank . 3. It is represented on behalf of the Petitioner that, in the instant case, the Consolidated Corporate Insolvency Resolution Process , is not feasible or viable / beneficial, either to Corporate Debtor or its Stakeholders . 4. It is averred in IA No. 105 of 2023 in Comp. App (AT) (CH) (INS.) No. 4 of 2023 that the emphasis of the Appellant is that, the Corporate Debtor , is an MSME , and all endeavours are to be taken to Review , the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the Committee of Creditors . 9. The Learned Counsel for the Petitioner points out that against the Petitioner , various allegations are made by the 1st Respondent / Appellant , including, but not limited to the alleged non-payment of Compensation to the Appellant and Systemic Fraud , having been committed by the Petitioner , for which, a First Information Report dated 15.02.2020 under Sections 406, 420, 465, 471 and 34 of the Indian Penal Code , 1860 was registered under the Petitioner . 10. According to the Petitioner / Intervenor, the Hon ble High Court of Kerala had allowed Crl. MC No. 4828 of 2020 (Quash Petition), filed by it and the First Information Report , was quashed on 29.11.2022, against which, Specia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Liquidation of the Corporate Debtor , on the premise that the Corporate Debtor , is an MSME and since the Debts are duplicated in both the Corporate Debtors , the Appellant , may be permitted to submit a combined Resolution Plan , qua both the Corporate Debtors , before the Committee of Creditors , and direct them to reconsider the same. 14. The version of the 1st Respondent / Appellant is that, BMW Group is controlling the Committee of Creditors of both the Corporate Debtors , as well as Koyenco Autos Private Limited , having 68.15% and 74.80% Voting Shares , respectively. 15. Apart from the above, the Petitioner in IA No. 105 of 2023 in Comp. App (AT) (CH) (INS.) No. 4 of 2023, cannot be permitted to be imp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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