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TMI Blog2018 (5) TMI 1032X X X X Extracts X X X X X X X X Extracts X X X X ..... r and provisions of Section 19 shall apply. (v) The Liquidator appointed will be strictly governed by the Insolvency and Bankruptcy Board of India (Liquidation process) Regulations, 2016 as amended from time to time and strict adherence to laws and policies defined. - CP (IB) NO. 172/10/HDB/2017 - - - Dated:- 21-3-2018 - MR. RAJESWARA RAO VITTANALA, J. For The Corporate Debtor : Shri S. S. Prasad Senior Advocate along with M/s. Sindhu Advocate For The Respondent : Shri P. Sriharsha Reddy, Advocate And Shri S. Keshava Rao, Adv. (SBI) along with Shri Yashvardhan, Adv. Shri Guruprasad Deshpande, Chief Manager, SBI (in Person) ORDER Per : Rajeswara Rao Vittanala, Member (J) 1. The present Company Petition bearing CP(IB) No. 172/10/HDB/2017 is filed by M/s. Super Agri Seeds Private Limited, under Section 10 of IBC, 2016 r/w Rule 7 of Insolvency and Bankruptcy (Application to Adjudicating Authority), 2016, by seeking to initiate Corporate Insolvency Resolution Process in respect of M/s. Super Agri Seeds Private Limited. 2. Brief facts, leading to filing of the present petition, are as follows: (1) M/s. Super Agri Seeds Private Limited, is a Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3rd CoC Meeting 04.12.2017 4th CoC Meeting 18.12.2017 5th CoC Meeting 16.01.2018 6th CoC Meeting 30.01.2018 7th CoC Meeting 16.02.2018 (4) In the 1st CoC, ratification of various costs incurred by Interim Resolution Professional during his tenure up to Committee of Creditors meeting and a resolution was passed unanimously to replace the IRP with Resolution Professional. In the 2nd CoC meeting, Shri Venkateshwarlu Kari, IRP was replaced by Dr. K.V. Srinivas, as Resolution Professional. In the 3rd CoC meeting, approval of budget, reimbursement of IRP Costs, appointment of valuers etc. were deliberated and discussed. (5) In the 4th CoC meeting, the IRP informed the members the initiatives taken by the RP for complying with the pending issues by the previous IRP and informed Mr. Ravi Srinivas to give an update on the present financial position of the Company and the activities undertaken by him and IRP discussed various possibilities of tying up for small amounts in the range of ₹ 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rector of Corporate Debtor etc. After discussing various options available to resolve the issue, it was unanimously that there would no purpose served to keep the CIRP to continue further since there are no resolution plans satisfying the Committee of Creditors forthcoming from any Resolution Applicant under Section 30 of IBC, 2016 to consider it under Section 31. Therefore, it was decided to seek the Tribunal to pass appropriate orders under Sections 33(l)(a), 34(l) of IBC, 2016 for initiation of Liquidation. And sought orders under Sections 65 77 of Code against Corporate Debtor. 4. The Legal manager of ICICI Bank vide affidavit dated 02.03.2018 submits that subsequent to filing of the report of the RP dated 19.02.2018, a meeting was held between the Respondent Banks authorized representatives and ICICI Bank, wherein Mr.Mallikarjuna Gupta of M/s. Bhaskar Agro Agencies had evidenced their interest for revival of the Company through the following resolution plan as detailed under: (i) Invest Rupees Five Crores towards party payment of financial and operational creditors of the Company. (ii) Facilitate infusion of additional Rupees Five Crores through trade advances for w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Legal Manager, Shri P. Sriharsha Reddy, Learned Counsel for RBL Bank and Dr. K.V. Srinivas, Learned Resolution Professional. I have carefully perused all the pleadings of all the parties to the case along with extant provisions of IBC, 2016. 9. The case is listed for hearing on various dates viz 30.08.2017, 06.09.2017, 13.09.2017, 18.09.2017, 25.10.2017, 15.11.2017, 23.11.2017, 28.11.2017, 21.12.2017, 16.01.2018, 07.02.2018, 20.02.2018, 01.03.2018, 08.03.2018 and reserved for orders on 14.03.2018 and granted several opportunities for the parties so as to see a viable Resolution plan acceptable to the Committee of Creditors forthcoming. However, the record of the case show that there would not serve any purpose to continue CIRP by extending time limit of 180 days. 10. (1) According to Section 33(1)(a) IBC, 2016, 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-S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... last 7th CoC also he was also present. The contentions raised against the Resolution professional are not tenable, and in any case, the IBBI, the Competent Authority would look into those allegations as the Corporate Debtor is stated to have lodged a Complaint. The Tribunal has extended full opportunity to Corporate Debtor to explore the possibility of Resolution plan. Ultimately, it is the Committee of Creditors, who have the authority to accept resolution plan. The record of the case shows that there is no viable Resolution plan submitted by any party except mere vague proposals. It is too late for the Corporate Debtor to make any allegations against the Resolution professional and he was given ample opportunity and the Tribunal also have extended adequate opportunity. Therefore, the Contentions of Learned Senior Counsel are not tenable, and the Company applications filed by him are not maintainable at this stage. 13. As stated supra, the Committee of Creditors at its 7th meeting has unanimously resolved in favour of liquidation of the corporate debtor. Therefore, it is a fit case to initiate liquidation under Section 33 of Code. 14. Accordingly, by exercising the powers c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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