Mr. Devendra P. Jain Liquidator of M/s Asis Logistics Limited 1109 & 1112, Regus Centre, 11th Floor, Peninsula Business Park, S.B. Road, Lower Parel, Mumbai 400013 ...Respondent Present: For Appellants: Mr. Rajesh Bohra, Advocate. 2 For Respondent: Mr. Kunal Godhwani, Advocate. Mr. Abhishek Anand (For Liquidator) JUDGMENT (01.06.2021) KANTHI NARAHARI, MEMBER (TECHNICAL) Preamble: The Present Appeal filed challenging the order dated 15.10.2020, passed by the Adjudicating Authority (NCLT Ahmedabad) Ahmedabad Bench Court No. II whereby the Adjudicating Authority rejected the I.A No. 496 of 2020 filed by the Appellants hearing. Brief Facts: 2. Learned Counsel for the Appellants submitted that the Hon'ble Adjudicating Authority rejected the I.A purely on Law point and had no issues whatsoever as far as merit and facts of the above I.A are concerned. 3. Learned Counsel for the Appellant submitted that the Corporate Debtor filed Application under Section 10 of Insolvency and Bankruptcy Code (IBC) and the Application was admitted by the Adjudicating Authority on 11.01.2018. 4. By virtue of admission the Adjudicating Authority appointed IRP and the IRP taken over the charge and conducted the proceedings. While so the IRP issued Expression of Interest (EOI) on 15.02.2018 and only one application Company Appeal (AT) (Insolvency) No. 1034 of 2020 3 received from M/s Growfast Global. However, they have not filed any Resolution Plan to the EOI. Thereupon the Second EOI was issued on 09.08.2018 and in pursuance thereof one M/s Indsur Gears Ltd. filed application along with other applicants. However, none of the Prospective Resolution Applicant(PRA) submitted a Resolution Plan. In view of the situation in 7th CoC held on 26.10.2018 a Resolution was passed for Liquidation of the Corporate Debtor by approving 97.37% of the Voting Share. 5. The RP filed I.A No. 461 of 2018 for liquidation of the Corporate Debtor and the Adjudicating Authority passed order liquidating the Corporate Debtor on 28.08.2019. 6. The Learned Counsel submitted that the RP appointed as Liquidator and issued form B inviting Applications. The Appellant submitted a scheme under Section 230 of the Companies Act, 2013. The Scheme submitted by the Appellant was approved by stakeholders of the Corporate Debtor and an Application bearing I. A No. 66 of 2020 for approval of this scheme of arrangement was filed before the Adjudicating Authority. While so, the I. A No. 66 of 2020 was dismissed as withdrawn in view of notification dated 06.01.2020 issued by Government of India whereby an amendment was made in Regulation 2B of Insolvency and Bankruptcy Board of India (IBBI) (Liquidation Process) Regulations 2016, by virtue of which the Appellants Company Appeal (AT) (Insolvency) No. 1034 of 2020 4 became ineligible to submit a scheme in the liquidation process of the Corporate Debtor. 7. It is further submitted that by way of an amendment to MSME Act and certain changes were made in the criteria for classifying entities as Micro, Small & Medium Enterprises. In view of the amendment the Appellants became eligible to submit a scheme in the liquidation process. Hence, the Appellant filed I.A No. 496 of 2020 was filed before the Adjudicating Authority seeking permission to propose a scheme and a direction to consider the said scheme in view of the amendment. 8. Learned Counsel further submitted that the Adjudicating Authority passed the above impugned order on 15.10.2020 dismissing the said I.A. 9. Learned Counsel submitted that the notification issued by