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Judgment
09.02.2026: Heard counsel for the appellant as well as Ld. Counsel for the Liquidator.
This appeal has been filed against the order dated 09.10.2025 by which order Adjudicating Authority has allowed IA No. 181 of 2018 and has dismissed other applications, by IA No. 181 of 2018. RP had filed the application under Section 33(2) of the IBC seeking orders for liquidation.
In the present case NCLT by order dated 20.07.2017 in TP No. 61/2019 admitted application Section 9 of the IBC. After admission of the application public announcement was made in which extension was granted for a period of CIRP. RP was also directed to consider the plan of suspended management. The corporate debtor being MSME, the promoters have given the plan which was rejected, against which order; appeal was filed and the appeal was also dismissed by this Tribunal on 25.07.2022. Subsequently, the applications came for consideration and the Adjudicating Authority has allowed the liquidation application by appointing the Liquidator.
Aggrieved by the said order this appeal, has been filed by the appellant who is the promoter of the corporate debtor. Shri Sumant Bartra, Ld. Counsel appearing for the appellant submits that the Creditors i.e, the Bank are interested in considering the plan of the appellant, hence an opportunity be given for reconsideration.
We have considered the submission of the appellant and perused the record.
The liquidation application was filed on 20.04.2018 the plan which was given by the appellant was not approved by the CoC consequently, the application for liquidation was filed. More than 7 years has elapsed after commencement of the CIRP. We are of the view that CIRP period having come to an and long ago. At this instance of time, we do not find any reason to revive the CIRP and to consider the plan of the promoters. In the liquidation by virtue of Regulation 2(B) of The Liquidation Regulation, 2016. The Scheme of Arrangement can be given within 90 days to the Liquidator. The promoter, if so, desire have an opportunity to submit their Scheme of Arrangement to the Liquidator which can be considered in accordance with law. We thus are of the view that no grounds have been made out to entertain this appeal. Appeal is dismissed with liberty as above.
Appellant prays that he may be permitted to submit Scheme of Arrangement’ within two weeks to the Liquidator to decide the same in accordance with law.