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2017 (12) TMI 975

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..... ken into consideration. However, the so-called Committee of Creditors did not accept the resolution plan. No resolution plan is made available for the scrutiny of this authority till today. Admission order was passed by this Tribunal on 29.03.2017. In view of sub-section (1) of Section 12 of Insolvency and Bankruptcy Code, 2016 Corporate Insolvency Process shall be completed within a period of 180 days from the date of admission of application to initiate CIRP. In the case on hand 180 days already expired. Although the constitution of the Committee of Creditors is not valid, the period given for completion of Insolvency Process has been completed and, therefore, under Section 33, this Adjudicating Authority ordered for liquidation of the .....

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..... me of M/s. Gaurinandan Fashion Private Limited who is the sole operational creditor. IRP also called for the claims. Interim Resolution Professional was appointed as Resolution Professional by the Committee of Creditors in the meeting held on 12.06.2017. Thereafter, Resolution Plans were submitted by Mr. Kailash Shah and Mr. Akshay Vyas. The said Resolution Plans were not accepted by the Committee of Creditors. In the meeting of the Committee of Creditors held on 23.09.2017, the Committee of Creditors resolved to go for liquidation of the Corporate Debtor and accordingly authorised the Resolution Professional. 05. From the material paced on record by RP it is clear that there is only one operational creditor in respect of Pooja Tex-Print .....

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..... the period given for completion of Insolvency Process has been completed and, therefore, under Section 33, this Adjudicating Authority ordered for liquidation of the corporate debtors vis. Pooja Tex-Print Private Limited. 09. Hence, this Adjudicating Authority hereby pass order of liquidation in respect of corporate debtors Pooja Tex-Print. (P.) Ltd. and direct the Liquidator to issue public announcement stating that the corporate debtors Pooja Tex-Print. Ltd. is in liquidation. 10. This Adjudicating Authority hereby appoint the Resolution Professional as Liquidator under Section 31 of the Code. The Liquidator shall send intimation to the Registrar of Companies with which the Corporate Debtor is registered. 11. The Liquidator s .....

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