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TMI Blog2023 (5) TMI 529X X X X Extracts X X X X X X X X Extracts X X X X ..... onsideration by the CoC. The application filed by the Appellant cannot be treated to be an application for settlement u/s 12A - Any proposal for re-structuring cannot be treated to be the proposal u/s 12A, hence, we do not find any error in rejecting the application filed by the Appellant. Moreover, there is no consent by 90% of CoC in favour of 12A proposal of the Appellant. There are no error ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es for R-1. ORDER These two appeals have been filed by the same Appellant challenging the order dated 10.02.2023, by which the application filed by RP u/s 33(2) for initiation of liquidation process has been allowed and the application filed by the Appellant praying for closing the CIRP under 12A has been rejected. The application which has been filed by the Appellant u/s 12A is the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Appellant submits that Adjudicating Authority has not considered the application on merit and on a technical ground, rejected the application. 4. We have considered the submission of the Learned Counsel for the Appellant and perused the record. 5. The application which was filed u/s 12A is an application where Appellant has claimed that he has submitted a restructuring proposal whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Moreover, there is no consent by 90% of CoC in favour of 12A proposal of the Appellant. 8. We do not find any error in the order of the Adjudicating Authority, the appeal is dismissed. 9. It is further to be noted that 12A proposal was actually given by Shri Pradeep Nandlal Dhoot which was also considered and rejected by CoC in 30th CoC meeting. - - TaxTMI - TMITax - Insolvency & Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X
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