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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Cosmos Cooperative Bank Ltd. – Appellant
Versus
Edelweiss Asset Reconstruction Company Ltd. – Respondent
| Table of Content |
|---|
| 1. appeals regarding liquidation order of corporate debtor. (Para 2 , 11) |
| 2. arguments regarding improper procedures followed in liquidation. (Para 6 , 7) |
| 3. court's position on majoritarian decision and timeline extensions. (Para 10 , 20 , 28) |
| 4. court's decision versus majority decision of coc. (Para 31) |
| 5. final judgment allowing the appeals. (Para 33) |
JUDGMENT
ASHOK BHUSHAN, J.
These two Appeals have been filed against the order dated 13.02.2023 passed by National Company Law Tribunal, Court-III, Mumbai Bench, allowing IA No.2767 of 2022 filed by Edelweiss Asset Reconstruction Company Limited (Respondent No.1 herein) under Section 33 , sub-section (3) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”). The Adjudicating Authority by the impugned order directed the liquidation of the Corporate Debtor – S.K. Wheels Private Limited. Aggrieved by which order, Company Appeal (AT) (Insolvency) No.499 of 2023 has been filed by Cosmos Cooperative Bank Limited, a Financial Creditor, who has vote share of 48.42% in the Committee of Creditors (“CoC”) of the Corporate Debtor. Company Appeal (AT) (Insolvency) No.519 of 2023 has been filed by Success
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