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TMI Blog2023 (10) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... The ends of justice be served in giving one opportunity to the CoC to consider the Plan/Revised Offer and take decision on the said offer. It is well settled that objective of the IBC is to revive the Corporate Debtor and liquidation is the last resort. In view of the aforesaid, the order directing for liquidation is set aside and the CIRP extended for a period of 60 days from today to complete the process - It is made clear that in event Resolution Plan is approved, an application be filed for approval of the plan before Adjudicating Authority. In event, Resolution Plan is not approved, the Resolution Professional shall immediately file application for liquidation. Appeal disposed off. - [ Justice Ashok Bhushan] Chairperson , [Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t plans were not approved with 100% votes and now the auction notice has been issued for sale as a going concern. Learned Counsel for the CoC submits that in event the appellants are still ready to offer higher value than the reserve price, instructions shall be obtained from CoC. Let the Appellants give their offer to the Liquidator. List these Appeals on 5th July, 2023. Learned Counsel for the Committee of Creditors may bring on record all minutes of the CoC meeting. In view of the above, Liquidator shall not proceed to auction the asset till the next date. 3. In subsequent order passed by this Tribunal on 20.09.2023, Counsel for the CoC informed that Mr. Harish Manocha has submitted a revised offer along with EMD and howev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor and liquidation is the last resort. In view of the aforesaid, we set aside order directing for liquidation and extend the CIRP for a period of 60 days from today to complete the process. 7. It is made clear that in event Resolution Plan is approved, an application be filed for approval of the plan before Adjudicating Authority. In event, Resolution Plan is not approved, the Resolution Professional shall immediately file application for liquidation. 8. Learned counsel for the CoC submits that only Revised Offer has been submitted by Mr. Harish Manocha and no revised offer has been submitted by Gayatri Polyrub Pvt. Ltd. We, thus, make it clear that CoC shall consider only Revised Offer submitted by Mr. Harish Manocha. 9. Both th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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