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TMI Blog2018 (5) TMI 459X X X X Extracts X X X X X X X X Extracts X X X X ..... t being sought for the corporate insolvency resolution process. Section 27 of the Code is therefore not applicable. The request for replacement of the resolution professional for acting as liquidator cannot be accepted. The conditions prescribed by Section 34(4) of the Code for replacement of resolution professional are not satisfied in the present case in as much as no resolution plan has been submitted by the resolution professional under section 30 and therefore, its rejection for failure to meet the requirements mentioned in Section 30(2) of the Code does not arise and neither has the Board recommended the replacement of resolution professional to the Adjudicating Authority. We pass the order requiring the corporate debtor M/s Tirupati Ceramics Ltd. to be liquidated and appoint Shri Amit Sharma, resolution professional as the liquidator for the purposes of liquidation. The ‘Liquidator’ shall publish public announcement in accordance with Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 and in Form B of Schedule II of these Regulations within five days from today calling upon the stakeholders to submit their claims as on liquidation commencement date an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstituted and replaced and Shri Punkaj Jain appointed as resolution professional and the Tribunal may pass any other order which it deemed fit and proper in the circumstances of the case. 3. During the course of hearing, the learned counsel for the applicant has referred to the minutes of the 3rd meeting of the Committee of Creditors held on 17.01.2018 (item No.5) and stated that the Committee decided with 100% votes that the resolution process of the corporate debtor hereby fails and committee resolved for liquidation of the corporate debtor. The learned counsel for the applicants submitted that the Committee further deliberated on as to whether to continue to go ahead with the existing resolution professional to act as liquidator in the matter or whether a new insolvency professional be proposed for liquidation purpose. It was further submitted that the committee decided to replace the existing resolution professional to act as liquidator in the matter, subject to the approval of the Adjudicating Authority. Therefore, the present application is filed. Shri Amit Sharma, resolution professional was present and stated that he had sent final report dated 22.01.2018 intimating abo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debtor is registered. ( 2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). ( 3) to (7) 34 . ( 1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for the corporate insolvency resolution process under Chapter II shall act as the liquidator for the purposes of liquidation unless replaced by the Adjudicating Authority under sub-section (4). ( 2) On the appointment of a liquidator under this section, all powers of the board of directors, key managerial personnel and the partners of the corporate debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator. ( 3) The personnel of the corporate debtor shall extend all assistance and cooperation to the liquidator as may be r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority shall pass a liquidation order as referred to sub-clauses (i), (ii) and (iii) of Clause (b) of sub-section (1) of Section 33 of the Code. The minutes of the 3rd meeting of the Committee of Creditors held on 17.01.2018 are at Annexure-2 of the application. In item No.5 thereof, it is stated that the committee decided with 100% votes that the resolution process of the corporate debtor hereby failed and committee now resolved for the liquidation of the corporate debtor. The resolution was also passed reading as under:- RESOLVED THAT pursuant to section 33(2) of Insolvency and Bankruptcy Code, 2016, the Committee of Creditors of Tirupati Ceramics Limited unanimously resolved to liquidate the Corporate Debtor, M/s Tirupati Ceramics Limited. 6. Further resolutions were passed as under:- RESOLVED FURTHER THAT the consents of all the members of Committee of Creditor be recorded to replace and not to go ahead with the existing Resolution Professional Shri Amit Sharma, Resolution Professional for liquidation process. RESOLVED FURTHER THAT the committee shall take fresh consent from another registered Insolvency Professional to act as Liquidato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sharma, resolution professional as the liquidator for the purposes of liquidation. 11. The Liquidator shall publish public announcement in accordance with Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 and in Form B of Schedule II of these Regulations within five days from today calling upon the stakeholders to submit their claims as on liquidation commencement date and provide the last date for submission of claim which shall be 30 days from the liquidation commencement date. 12. It is further directed that the announcement shall be published in accordance with Regulation 12(3) as under :- ( a) in one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the liquidator, the corporate debtor conducts material business operations; ( b) on the website, if any, of the corporate debtor; and ( c) on the website, if any, designated by the Board for this purpose. 13. It is further directed that as per Section 33(5) of the Code, ( i) Subject to Section 52 of the Code, no suit or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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