AI Structured Summary
Not yet generated for this judgment
Judgment
O R D E R
Heard learned counsel for the Appellant. This Appeal has been filed against order dated 06.01.2023 passed by the Adjudicating Authority by which IA/47(MP)2022 filed by the workmen of the Corporate Debtor has been rejected. The IA/47(MP)2022 was filed by the workmen under Section 60 Sub-section (5) against the Liquidator seeking directions to the Liquidator for convening the meeting of Stakeholder Consultation Committee to consider the scheme dated 24.02.2022 of Jammu Pigments and to restrict the Liquidator from proceeding with sale of the Corporate Debtor. The Scheme which was filed by the Jammu Pigments could not be approved and was rejected by the same order dated 06.01.2023, against which order Jammu Pigments has also filed an appeal being Company Appeal (AT) (Ins.) No. 188 of 2023 which has been dismissed by this Tribunal on 17.03.2023.
The prayers made by the Appellant in the present Appeal was to consider the scheme of Jammu Pigments which was filed under Section 230. This Court already having found that the rejection of the scheme of Jammu Pigments was on valid grounds, we see no reason to issue any direction as prayed in the Appeal.
Learned counsel for the Appellant submits that the process which was undertaken by the Liquidator, in view of the observations made by the Adjudicating Authority in Para 18 of the impugned order, was not in accordance with law. It is submitted that it having found that the propounder of the Scheme is not eligible to submit the scheme, the entire process has to run afresh.
We are not convinced to accept this submission of the Appellant. When the scheme was invited by the Liquidator, the Appellant as well as all other applicants were entitle to file scheme and the scheme under Section 230 filed by the Appellant having been rejected, there is no occasion to direct the Liquidator to again start the process. We see no reason to entertain this Appeal. Appeal is dismissed.