AI Structured Summary
Not yet generated for this judgment
Judgment
I.A. No. 1638 and I.A. No. 1639 of 2024. These are the Applications praying for amendment in the memo of parties as mentioned in Annexure A-1.
Applications are allowed. Amended memo of parties as Annexure A-1 is taken on record. Consequently, amendment be carried out in the cause title also.
There is also an application (I.A. No. 1365 of 2024) praying for delay in filing the Appeal. Sufficient cause shown. Delay is condoned.
Heard Learned Counsel for the Appellant.
These Appeals have been filed against two orders dated 10th January, 2024 on I.A. No. 4647 of 2023 as well as I.A. No. 3302 of 2023.
Appellant claimed to be registered MSME carrying out business of Steel Work Processors.
The Corporate Insolvency Resolution Process commenced by Order dated 17.10.2022. Thereafter, Publication was made. Form-G was issued on 16.12.2022. Meetings of the CoC were also held. In the 07th CoC Meeting, COC approved the liquidation of the corporate debtor consequently I.A. No. 3302 of 2022 was filed. Adjudicating Authority by the Impugned Order upheld the liquidation order and application was filed being I.A. No. 2023 praying for submission of Resolution Plan was rejected.
Learned Counsel for the Appellant submits that Appellant being suspended director of the MSME is desirous to submit a scheme for arrangement under Section 230 of the Companies Act. Liquidation Regulations permits the submission of scheme as per Section 230 of the Companies Act.
It shall be open for the suspended director of the Corporate Debtor to submit a scheme under 230 of the Companies Act which may be considered by the Liquidator in accordance with law. We see no reason to entertain this Appeal.
Subject to liberty as granted, the Appeal is dismissed.