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Judgment
ORDER
It is represented on behalf of the ‘Appellant’ that a Memo dated 18.09.2023, filed before the ‘Office of the Registry’ on 19.09.2023 vide Diary No.0918, stating that Section 12A Proposal in I&B Code, 2016, submitted by the ‘Appellants’ was approved by the ‘Committee of Creditors’ and further the said Section 12A Proposal was approved by the ‘Committee of Creditors’, with 95.34%, as against required 90% approval of ‘Committee of Creditors’, under the I & B Code, 2016.
On behalf of the Appellants, a request has been made through a Memo dated 18.09.2023, before this `Tribunal’, to take the same on record and the said `Order on Liquidation’, passed in IA(IBC)/627/CHE/2023 in IBA No.483/2020, resultantly direct the 3rd Respondent to file ‘Form FA’ before the `Adjudicating Authority’, and to take necessary steps for withdrawal of IBA No.483/2020 on the file of National Company Law Tribunal, Division Bench – I, Chennai.
There is no dispute to the factum of ‘Memo’, being filed by the ‘Appellants’ dated 18.09.2023 (filed before the ‘Office of the Registry’ on 19.09.2023) and the Respondents’ have admitted the contents of `Memo’.
Considering the fact that the Section 12A Proposal, under the I&B Code, 2016, submitted by the ‘Appellants’, was approved by the ‘Committee of Creditors’ and that the said ‘Approval’ by the ‘Committee of Creditors’, was in a majority, as against the required 90% of approval of ‘Committee of Creditors’. This ‘Tribunal’, refers to take the ‘Memo’ on record in the instant Comp App (AT) (CH) (Ins) No.139 / 2023 and sets aside the ‘Liquidation Order’, dated 12.05.2023, passed in IA(IBC)627/CHE/2023 in IBA No.483/2020, directs the Resolution Professional, to file ‘Form FA’, before the ‘Adjudicating Authority’, as prescribed under I&B code, 2016 and take final steps, in regard to the withdrawal in IBA No.483/2020, on the file of the National Company Law Tribunal, Division Bench – I, Chennai, of course, in the manner known to ‘Law’ and in accordance with ‘Law’.
With the above said observations, the instant Comp App (AT) (CH) (Ins) No.139 / 2023, stands ‘disposed of’. The connected pending IA Nos.464, 465 & 466/2023 are closed.
Company Appeal (AT) (CH) (Ins) No. 265 / 2023:
In view of the Orders, passed by this ‘Tribunal’, in Comp App (AT) (CH) (Ins) No.139 / 2023 today, whereby and whereunder, the ‘Liquidation Order’, passed by the ‘Adjudicating Authority’, dated 12.05.2023 in IA(IBC)627/CHE/2023 in IBA No.483/2020, nothing survives further, in the instant Comp. App (AT) (CH) (Ins) No.265 / 2023, and the same stands ‘disposed of’.