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TMI Blog2019 (8) TMI 1875X X X X Extracts X X X X X X X X Extracts X X X X ..... e by the IBBI which has initiated the proceedings against the Appellant Resolution Professional , no opinion expressed on the merit of the observations. However, the IBBI cannot treat observations as made by the Adjudicating Authority, as referred to above, as final decision against the Appellant, as the observation made, without granting any opportunity to the Appellant. Therefore, the IBBI will hear the proceedings and decide on merit after hearing the Resolution Professional and taking into consideration reply as may be submitted by the Appellant, uninfluenced by the observations made by the Adjudicating Authority. Appeal disposed off. - [Justice S. J. Mukhopadhaya] Chairperson , [Justice A. I. S. Cheema] Member (Judic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e done by a valuer approved by IBBI . The RP has not complied with these directions and no valuation as directed by the court has been done, ostensibly for the reason that the COC is not able to foot the expense for yet another valuation. We are unable to see any merit in this argument and consequently do not agree with the RP. 7.4 It was stated by the RP that the resolution plan was submitted by a consortium of resolution applicants. It was noted that the resolution plan was not submitted by either a resolution applicant individually or jointly with any other person. The resolution plan was submitted by five different entities, each styled as Resolution Applicant. These resolution applicants had individually signed the proposals ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... first time in this application for liquidation. The proposal for private sale of Sitarganj Unit was also not raised before us in oral hearing of his application. 8.8 In CA No. 858/C-II/ND/2018, the details of complete voting have not been filed as it was stated the representatives of SBI, Bank of Baroda expressed that though they agree with the proposal/Resolution but the formal approval shall be communicated by way of their vote through email shortly. Ballot papers regarding the COC meeting dated 19.11.2018 have been placed on record after the Court hearing and the same have not been accompanied by any affidavit. 9. we are of the opinion that the assets of the CD are not valued properly and hence they are required to be referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the Appellant Resolution Professional , we are not expressing any opinion on the merit of the observations. 5. However, the IBBI cannot treat observations as made by the Adjudicating Authority, as referred to above, as final decision against the Appellant, as the observation made, without granting any opportunity to the Appellant. Therefore, the IBBI will hear the proceedings and decide on merit after hearing the Resolution Professional and taking into consideration reply as may be submitted by the Appellant, uninfluenced by the observations made by the Adjudicating Authority as referred to above. It is expected that IBBI will complete the enquiry on an early date preferably within three months. The appeal stands disposed o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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