B.R. Traders & Ors vs Oceanic Edibles International Ltd. & ...
- CitationCompany Appeal (AT) (Insolvency) No. 92 of 2019
Ratio decidendi
The rule this decision rests on
The Appellate Tribunal's reasoning rests on the following: where an applicant who has submitted an expression of interest in the corporate insolvency resolution process has not been asked by the Resolution Professional to submit a resolution plan, and has made no grievance before the Adjudicating Authority for more than 270 days after the expression of interest was filed, the Tribunal will not interfere with an order directing liquidation under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, in the absence of any approved resolution plan, and the appeal is dismissed for want of merit.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
B. R. Traders & Ors. ...Appellants
Vs
Oceanic Edibles International Ltd. & Ors. ....Respondents
Present: For Appellants: Mr. Aditya Verma, Advocate. For Respondents:
ORDER
29.01.2019: This appeal has been preferred by 'M/s B. R. Traders & Ors.'
against order dated 10th December, 2018 passed by the Adjudicating Authority
(National Company Law Tribunal), Single Bench, Chennai, whereby and
whereunder the Adjudicating Authority in absence of any resolution plan passed
order under Section 33(1) of the I&B Code and ordered for liquidation of
'M/s Oceanic Edibles International Ltd.' (Corporate Debtor).
2. Learned counsel appearing on behalf of the Appellant submits that the
Appellant No.1 had submitted Expression of Interest after the invitation for
Expression of Interest. However, the Resolution Professional thereafter has not
asked the Appellant No. 1 to submit any resolution plan.
3. From the record we find that the Expression of Interest was issued by the
Resolution Professional on 23rd January, 2018. The copy of Expression of -2-
Interest stated to has been filed by Appellant No.1 on 7th February, 2018.
Thereafter, more than 270 days have passed the Appellant No. 1 never moved
before the Adjudicating Authority making any grievance. In aforesaid
circumstances and as more than 270 days have passed no interference is called
for. In absence of any merit, the appeal is dismissed. No costs.
[Justice S. J. Mukhopadhaya] Chairperson
[Justice Bansi Lal Bhat] Member (Judicial)
am/uk
Company Appeal (AT) (Insolvency) No. 92 of 2019
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