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2021 (6) TMI 257 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - period of CIRP was over - Section 33(2) of IBC, 2016 - HELD THAT - Perusing the whole case records including the Resolution passed by the CoC in the 10th meeting held on 09.03.2021, this Bench observed that the period of CIR Process of 270 days in this case has been completed on 11.03.2021 excluding the stay period of 73 days and lock down period of 132 days. The Corporate Debtor M/s.Atlas Gold Townships (India) Pvt Ltd is hereby put under liquidation with immediate effect under Section 33(2) of IBC, 2016 -
Issues involved:
1. Interlocutory Application under Section 33(2) of IBC, 2016 filed by the Resolution Professional. 2. Admittance of Corporate Insolvency Resolution Process against the Corporate Debtor. 3. Challenge to CIRP initiation by the promoters and subsequent legal proceedings. 4. Public announcement for submission of claims under Section 15 of the Code. 5. Appointment of Resolution Professional and CoC decisions. 6. Previous orders passed by the Tribunal regarding the CIRP. 7. Receipt of Expression of Interest from a Resolution Applicant. 8. Resolution of Claims proposed in the Resolution Plan. 9. Resolution to liquidate the Corporate Debtor by the CoC. 10. Appointment of existing RP as the Liquidator. 11. Relief sought in the IA by the Resolution Professional. 12. Withdrawal of prayer by the RP during the hearing. 13. CoC's resolution to liquidate the Company. 14. Tribunal's observation on the completion of the CIR Process and subsequent order for liquidation. Analysis: 1. The Tribunal considered an Interlocutory Application filed by the Resolution Professional under Section 33(2) of IBC, 2016, seeking reliefs related to the liquidation of the Corporate Debtor. 2. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was admitted earlier, and subsequent legal challenges by the promoters were addressed by higher courts, leading to the continuation of the CIRP. 3. Various orders were passed by the Tribunal regarding the CIRP, including the appointment of Resolution Professionals and Authorized Representatives for Home Buyers, and setting deadlines for the CIR Process. 4. The Resolution Professional received an Expression of Interest from a Resolution Applicant, leading to discussions on the proposed Resolution Plan and the liquidation of the Corporate Debtor. 5. The Committee of Creditors (CoC) held meetings to consider the Resolution Plan and ultimately passed a resolution to liquidate the Company, with a majority voting in favor of the decision. 6. The Resolution Professional sought specific reliefs in the IA, but later withdrew one of the prayers during the hearing, leading to the Tribunal's decision based on the CoC's resolution for liquidation. 7. After reviewing the case records and considering the completion of the CIR Process, the Tribunal ordered the immediate liquidation of the Corporate Debtor and appointed the existing Resolution Professional as the Liquidator, specifying the duties and powers to be discharged. This detailed analysis covers the key issues and the comprehensive progression of events leading to the Tribunal's final decision on the liquidation of the Corporate Debtor.
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