An Appeal is filed by the Appellant-Anil Sharma, Resolution Professional (RP) of S. K. Oils Ltd. under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the impugned order passed by the Adjudicating Au

The facts of the case relates to Kuldeep Verma, Resolution Professional S.K Oils Ltd. VIS State Bank of India & Others, (984(a) of 2021) decided on 16th March, 2021. It is observed that even after the lapse of 985 days and repeated compliance by the RP of the direction of the AA; the AA has not yet considered initiation of Liquidation as per Section 33 of the IBC. It was observed that neither the AA nor the Appellate Authority is supposed to look into the commercial wisdom of CoC or to reverse the Commercial wisdom of CoC. Section 12 of the Code requires completion of CIRP within a period of 180 days from the date of submission of the Application whereas in this case even on completion of 985 days from the date of CIRP commencement the Appellant filed for appropriate order to be passed by AA under Chapter - III of the Code, the AA has erred in not passing Liquidation order but has dismissed the application as not maintainable & infructuous. It is held that from the above observations it is in the fitness of situation to allow the appeal and set aside the impugned order passed by the AA and initiate Liquidation of the CD M/S. S.K.Oils Ltd. under Section 33(1) of the Code. Hence, the Appeal is allowed and the impugned order passed by the AA is set aside and at the same time the order for initiation for liquidation of the Corporate Debtor M/s. S.K. Oils Ltd is also allowed.