IN RE Vs. LML LIMITED

JUDGEMENT

(1.) Ca NO.214 OF 2017

(2.) We have heard at length Sh. Abhishek Anand, Ld. Counsel for the RP and also on behalf of the Committee of Creditors (COC) . He pointed out and drew our attention on the fourth meeting of the COC held on 14th November, 2017 wherein the 100% of the members of the COC passed necessary resolution and recommended for seeking extension of time from this Court being Adjudicating Authority. It authorized the RP to move necessary application in this respect before this Bench of the NCLT. That apart, he further submitted that there is some more additional task left, which the RP is expected to complete before submission of a resolution plan which are described in detail in para 13 to 15 of the present application which relates to need of forensic audit of the account/records of the Corporate Debtor Company.

(3.) However, we are of the view such being vital and sensitive issue in nature needs to be dealt with and decided by the COC by taking into consideration of the paramount interest of revival of the Corporate Debtor Company. Hence, we leave such issue to the wisdom and exigency of the COC, it is expected to take necessary steps.