The Adjudicating Authority (National Company Law Tribunal) New Delhi, Court IV, passed an order on 20.06.2022 allowing 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 this order. The Corporate Debtor is an MSME. The Appellant submitted a Resolution Plan, which 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 9th CoC meeting held on 02.04.2021 showed that the Resolution Plan submitted by the Appellant was not approved with 100% dissent of the Financial Creditor.

The Adjudicating Authority (National Company Law Tribunal) New Delhi, Court IV, passed an order on 20.06.2022 allowing 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 this order. The Corporate Debtor is an MSME. The Appellant submitted a Resolution Plan, which 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 9th CoC meeting held on 02.04.2021 showed that the Resolution Plan submitted by the Appellant was not approved with 100% dissent of the Financial Creditor.