VALLAL RCK Vs. SIVA INDUSTRIES AND HOLDINGS LIMITED

JUDGEMENT

(1.) These appeals challenge the common judgment dtd. 28/1/2022 passed by the learned National Company Law Appellate Tribunal, Chennai Bench, Chennai (hereinafter referred to as the "NCLAT") in Company Appeal (AT)(CH)(Insolvency) Nos. 211 and 212 of 2021, thereby dismissing the appeals filed by the present appellant, which were in turn filed, challenging the two orders dtd. 12/8/2021 passed by the learned National Company Law Tribunal, Division Bench-­II, Chennai (hereinafter referred to as the "NCLT"), thereby rejecting the application filed by the Resolution Professional ("RP" for short) under Sec. 12A of the Insolvency and Bankruptcy Code, 2016 ("IBC" for short) read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as the "2016 Regulations"), for withdrawal of the application filed under Sec. 7 of the IBC in view of the Settlement Plan submitted by the appellant. The appellant has also challenged the order passed by the learned NCLAT of the even date vide which the appeal filed by the present appellant against the order passed by the learned NCLT directing initiation of liquidation proceedings in respect of M/s Siva Industries and Holdings Limited-­respondent No.1 herein (hereinafter referred to as the "Corporate Debtor"), was dismissed.

(2.) A short question that falls for consideration in the present appeal is as to whether the adjudicating authority (NCLT) or the appellate authority (NCLAT) can sit in an appeal over the commercial wisdom of the Committee of Creditors (hereinafter referred to as the "CoC") or not.

(3.) The facts in brief giving rise to the present appeals are as under: