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2019 (10) TMI 1381 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor - Section 33 of the Insolvency Bankruptcy Code, 2016 - HELD THAT - After Admission of the Petition/Application, in the meeting of the Committee of Creditors held on 09.05.2019, it was resolved that the IRP shall not continue as the RP. Accordingly, an MA No. 2021 of 2019 was filed before this Bench for substitution of the RP. This Bench by order dated 03.07.2019 in the said MA appointed Mr. Ramesh Bhosale as the Resolution Professional of the Corporate Debtor - The CoC in its meeting dated 05.08.2019 approved publication of Form G for inviting EoI from prospective Resolution Applicants (PRAs) under Regulation 36A(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Accordingly, the RP issued Form G on 15.08.2019. The fourth and last meeting of CoC was held on 31.08.2019. the It was noted by the members of the CoC that no EoI has been received from any PRA till date. The CoC thus decided not to take any extension of CIRP period beyond 180 days and the relevant application under section 33 of the I B Code for liquidation of the Corporate Debtor be moved. The 180 days' period of CIRP was getting over on 09.09.2019 - the present Application has been filed by the RP under section 33(1)(a) of the I B Code, seeking liquidation of the Corporate Debtor. The Process of Liquidation shall commence as per the Chapter III of the Code from date of this Order - Application allowed.
Issues:
1. Application for liquidation under section 33 of the Insolvency & Bankruptcy Code, 2016. Detailed Analysis: The judgment pertains to an application submitted under section 33 of the Insolvency & Bankruptcy Code, 2016, seeking an order of 'Liquidation' of the Corporate Debtor, Western India Metal Processors Ltd. The Committee of Creditors had approved the liquidation in a meeting held on 31.08.2019. The application was filed by Mr. Ramesh Bhosale, the Resolution Professional of the Corporate Debtor, after it was noted that no Expression of Interest (EoI) had been received from any Prospective Resolution Applicant (PRA) within the stipulated 180-day Corporate Insolvency Resolution Process (CIRP) period. The RP sought cooperation from the erstwhile management and suspended Board of Directors, highlighting the absence of any assets in the Corporate Debtor's books of accounts. The Tribunal's decision involved commencing the process of liquidation as per the provisions of the Insolvency & Bankruptcy Code from the date of the order. Mr. Ajay Gupta was appointed as the Liquidator in accordance with Section 34 of the Code. The RP was directed to advertise the liquidation in two newspapers, one in English and one in Marathi, and forward a copy of the order to the relevant authority where the Corporate Debtor is registered. The Liquidator was granted the authority to seek directions from the Tribunal during the liquidation process and represent the Corporate Debtor before government authorities if required. The application for liquidation under section 33(1)(a) was allowed, and the order was issued accordingly. Overall, the judgment addresses the application for liquidation under the Insolvency & Bankruptcy Code, detailing the procedural steps and appointments necessary for the commencement of the liquidation process for the Corporate Debtor, Western India Metal Processors Ltd.
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