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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 ..... (Insolvency) No. 657 of 2023 & I.A. No. 2192 of 2023 - - X X X X Extracts X X X X X X X X Extracts X X X X ..... llants are resolution applicants whose plans were not approved and order for liquidation has been passed. The Appellant submits that both the Resolution Applicants were ready to enhance the plan value more than the liquidation value and no reasons have been given by the Committee of Creditors as to why their plans have been rejected. Learned Counsel appearing for the CoC submits that plans were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 20.09.2023, time was allowed to filed an affidavit by CoC. The CoC has now filed an affidavit where it has been stated that the comparison table of both offers have been given and in Para 14 following has been stated: "14. After taking into consideration the latest offer dated 04.08.2023 as submitted by the Appellant 1 and offer dated 08.07.2023 as submitted by the Appellant 2 on 10. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that 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. 6. 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, we set aside order directing for liquidation and extend the CIRP for a period of 60 days from today to complete th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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