Divyesh Desai, The Liquidator of Trend Electronics Ltd. & the erstwhile Resolution Professional of Trend Electronics Ltd. Moore Stephens Singhi Advisors LLP, B2402, Marathon Innova, 4th Floor, Off Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013 ...Respondent No.1 Committee of Creditors of Trend Electronics Limited, through State Bank of India, Stressed Assets Management BranchII, Raheja Chambers, BWing, Ground Floor, Free Press Journal Marg, Nariman Point, Mumbai 400021 ...Respondent No.2 Present: For Appellant: Mr. Abhijeet Sinha and Ms. Meghna Rao, Advocates. For Respondent: Mr. Krishnendu Datta, Sr. Advocate with Mr. Anand Varma, Mr. Kaustubh Prakash, Ms. Hita Sharma, Ms. Kirti Gupta and Ms. Apoorva Pandey, Advocates for R1. Mr. Bishwajit Dubey, Mr. Madhav Kanokia, Mr. Prafful Goyal and Ms. Neha Shivhare, Advocates for R2. Company Appeal (AT) (Insolvency) No.565 & 528 of 2023 Page 1 of 31 With Company Appeal (AT) (Insolvency) No.528 of 2023 & I.A. No. 1715 of 2023 IN THE MATTER OF: Marathwada Audogik And General Kamgar Sanghtan, Through its President Subhash Patil, Plot No.3, Sunem Residency, Rachnakar Colony, Railway Station Road, Aurangabad 431003 ...Appellant Versus Divyesh Desai, Liquidator of Trend Electronics Ltd. Moore Stephens Singhi Advisors LLP, Marathon Innova, 4th Floor, Off Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013 ...Respondent No.1 Committee of Creditors of Trend Electronics Limited, through State Bank of India, Stressed Assets Management BranchII, Raheja Chambers, BWing, Ground Floor, Free Press Journal Marg, Nariman Point, Mumbai 400021 ...Respondent No.2 Present: For Appellant: Mr. Rahul Totala and Rajat Malu, Advocates. For Respondent: Mr. Krishnendu Datta, Sr. Advocate with Mr. Anand Varma, Mr. Kaustubh Prakash, Ms. Hita Sharma, Ms. Kirti Gupta and Ms. Apoorva Pandey, Advocates for R1. Mr. Bishwajit Dubey, Mr. Madhav Kanokia, Mr. Prafful Goyal and Ms. Neha Shivhare, Advocates for R2. Company Appeal (AT) (Insolvency) No.565 & 528 of 2023 Page 2 of 31 JUDGMENT [Per: Barun Mitra, Member (Technical)] Present is a set of two appeals filed under Section 61 of Insolvency and Bankruptcy Code, 2016 ("IBC" in short) arising out of the common order dated 10.03.2023 (hereinafter referred to as "Impugned Order") passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court II) in CP (IB) No. 559/(MB)/2018. By the impugned order, the Adjudicating Authority ordered the liquidation of the Corporate Debtor Trend Electronics Limited, as a going concern under section 33 of the IBC. Aggrieved by this impugned order, one set of appeal vide Company Appeal (AT) (Insolvency) No. 565/2023 (herein referred to as the 'first appeal') has been preferred by one of the prospective resolution applicants, Epitome Components Pvt. Ltd. ('Epitome' in short) on the ground that there have been material irregularities in the Corporate Insolvency Resolution Process ('CIRP' in short) of the Corporate Debtor. The other set of appeal has been filed vide Company Appeal (AT) (Insolvency) No. 528/2023 (herein referred to as the 'second appeal') by Marathwada Audogik and General Kamgar Sanghatan ('Sanghathan' in short) under Section 61 of the IBC against the same impugned order aggrieved with the fact that the impugned order does not take into account the interests of all stakeholders of the Corporate Debtor and that the livelihood of nearly 134 families which are dependent on the operations of the Corporate Debtor have been imperilled. Company Appeal (AT) (Insolvency) No.565 & 528 of 2023 Page 3 of 31 2. The brief facts of the case which are common to both set of appeals