The appeal was filed against the order dated 20.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal) New Delhi, Court IV, which allowed I.A. No. 1816 of 2021 filed by the Resolution Professional under Section 33(1)(a) for issuing directions for liquidation. The Appellant, the Suspended Director of the Corporate Debtor, challenged the said order.
The Corporate Debtor is an MSME. A Resolution Plan was submitted by the Appellant. The Resolution Plan was rejected by the single CoC member without giving any reasons. An OTS proposal of the Corporate Debtor is under consideration before the Bank, the sole CoC member. The Resolution Plan submitted by the Appellant was not approved with 100% dissent of the Financial Creditor in the 9th CoC meeting held on 02.04.2021. The Adjudicating Authority allowed the application for liquidation.
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The Resolution Plan submitted by the Appellant…
I.A. No. 1816 of 2021 filed by the Resolution…
The appeal was filed against the order dated 20.06.2022 passed by the Adjudicating Authority (National Company Law Tribunal) New Delhi, Court IV, which allowed I.A. No. 1816 of 2021 filed by the Resolution Professional under Section 33(1)(a) for issuing directions for liquidation. The Appellant, the Suspended Director of the Corporate Debtor, challenged the said order.
The Corporate Debtor is an MSME. A Resolution Plan was submitted by the Appellant. The Resolution Plan was rejected by the single CoC member without giving any reasons. An OTS proposal of the Corporate Debtor is under consideration before the Bank, the sole CoC member. The Resolution Plan submitted by the Appellant was not approved with 100% dissent of the Financial Creditor in the 9th CoC meeting held on 02.04.2021. The Adjudicating Authority allowed the application for liquidation.
The Resolution Plan submitted by the Appellant…
I.A. No. 1816 of 2021 filed by the Resolution…