ORDER :

In the ‘Corporate Insolvency Resolution Process’ against ‘M/s. Servalakshmi Papers Ltd.’- (“SPL” for short) in absence of approved ‘Resolution Plan’ and 270 days having completed, the ‘Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai, passed order of liquidation by impugned order dated 21st June, 2017.

2. The Appellant- Y. Shivram Prasad, Promoter/ Director and Shareholder of the ‘SPL’- (‘Corporate Debtor’) has challenged the said order as arbitrary and unreasonable. According to the him, opportunity should have been given to the promoters to settle the matter.

3. The other appeal has been preferred by ‘Asset Reconstruction Company (India) Limited’- (“ARCIL” for short). Apart from being ‘Financial Creditor’, it had also filed a ‘Resolution Plan’ thereby, the Appellant- ‘ARCIL’ was one of the ‘Resolution Applicant’. The 5th Respondent- ‘Sripathi Papers and Boards (P) Limited’ (“Sripathi” for short) filed another ‘Resolution Plan’. Subsequently, both of them revised their respective ‘Resolution Plans’ commonly termed as ‘Modified ARCIL Resolution Plan’ and ‘Modified Sripathi Resolution Plan’. However, the ‘Committee of Creditors’ having not found a