Mapletree Leather Goods Private Limited Vs Savan Godiawala (NCLAT)
NCLAT Chennai held that application for staying auction process of Corporate Debtor not tenable since order rejecting resolution plan submitted by the appellant not objected. Accordingly, appeal dismissed.
Facts- In this Appeal, the Appellant puts a challenge to the order passed in IA No.140/2022, in CP(IB) No.14/BB/2017, filed by him under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, to be read with Rule 11 of the NCLT Rules. In the said Application, the Appellant had prayed for staying the auction process of the Corporate Debtor’s immovable assets, for directing the Liquidator to consider his proposal to sell the Corporate Debtor as a going concern and accordingly to provide him with the sale notice for the same in the interest of maximization of the value of the assets.
Conclusion- Held that in the absence of the challenge given to the order of rejection of the Resolution Plan submitted by him, the Appellant relinquishes his right to put a question to an order of appointment of liquidator, as well as, to seek for the relief he has sought in IA No.140/2022, which is the subject matter of Comp App (AT) (CH) (Ins) No.329/2022. For the aforesaid reasons, this Appeal too would stand dismissed.
