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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 ..... 0.2017. In the meeting of Committee of Creditors held on 11.11.2017, the appointment of Interim Resolution Professional was confirmed as Resolution Professional. 2. The present application is filed by the financial creditors of the Corporate Debtor. It is stated that the applicants are the only financial creditors of the corporate debtor. It was submitted that in the meeting of Committee of Creditors on 17.01.2018, the members of the Committee decided to not to go ahead with the existing Resolution Professional and passed the resolution for replacement of Mr.Amit Sharma, Resolution Professional. Copy of the minutes of the 3rd meeting of the Committee of Creditors is annexed at Annexure-2 of the application. It is further stated that accordingly, the applicant No.1 proposed the name of Mr.Punkaj Jain, Insolvency Professional, Regn.No.IBBI/IPA- 001/IP-P00409/2017-18/10969 to act as a Resolution Professional and the same has been accepted by the applicant No.2 and copy of the consent received from Mr.Punkaj Jain is annexed as Annexure-3. It has been prayed that the existing resolution professional Shri Amit Sharma be substituted and replaced and Shri Punkaj Jain appointed as resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere any disciplinary proceedings are pending against the proposed resolution professional under sub-section (3), the resolution professional appointed under section 22 shall continue till the appointment of another resolution professional under this section. 33. (1) Where the Adjudicating Authority, - (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the noncompliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. (2) Where the resolution professional, at any time during the corporate insolvency resolution process but be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a liquidator shall charge such fee for the conduct of the liquidation proceedings and in such proportion to the value of the liquidation estate assets, as may be specified by the Board. (9) The fees for the conduct of the liquidation proceedings under sub-section (8) shall be paid to the liquidator from the proceeds of the liquidation estate under section 53." 5. The provisions of Section 27 of the Code provide for replacement of resolution professional by the Committee of Creditors at any time during the corporate insolvency resolution process. Moreover, the name of the insolvency professional proposed by the committee is to be forwarded by them to the Adjudicating Authority. Section 33 of the Code states that 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that 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) thereof. 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. 10. In view of the above, 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. 11. The 'Liquidator' shall publish public announcement in accordance with Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 and in Form B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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