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Judgment
O R D E R
23.03.2023: This Appeal has been filed by the Erstwhile Resolution Professional challenging the order dated 16.11.2022 by which order the Adjudicating Authority has allowed the application filed by the Resolution Professional for Liquidation of the Corporate Debtor. The Adjudicating Authority in the impugned order has noticed that CIRP was commenced on 25.04.2019 and even after more than two years no progress has been made in the CIRP. The Erstwhile Resolution Professional has now come up in appeal challenging the order passed by the Adjudicating Authority.
Learned counsel for the Appellant submits that although the application was filed by the Resolution Professional for Liquidation, which has been allowed, some observation has been made by the Adjudicating Authority which may be adverse to the Resolution Professional, due to this reason he has filed this Appeal. Learned counsel for the Appellant referred to observations made in Paras 2 and 3 of the order.
We have considered the submission of learned counsel for the Appellant and perused the record.
The observations which have been made in the impugned order were with regard to the facts which took place in the CIRP of the Corporate Debtor. Events and facts were noticed which are basis for passing the order. The main reason which is noticeable from the order is that even after lapse of 330 days, the CIRP has not progressed any further. Before the Adjudicating Authority, the Financial Creditor also stated that they have no objection in allowing the application for liquidation. We, thus, do not find any error in the order of the Adjudicating Authority directing for liquidation. There is no merit in the Appeal. Appeal is dismissed.