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TMI Blog2018 (6) TMI 493X X X X Extracts X X X X X X X X Extracts X X X X ..... en shown as bad debts. This apart funds were collected from third parties by the Director, which were not reflected in the books of accounts of the ‘Corporate Debtor’. From the record it is clear that the ‘Information Memorandum’ was prepared by the ‘Resolution Professional’ which was published but in the absence of any ‘Resolution Applicants’, there was no other option for the Adjudicating Authority, but to go for liquidation on completion of 270 days. - Company Appeal (AT) (Insolvency) No. 186 of 2018 - - - Dated:- 31-5-2018 - Mr. S. J. Mukhopadhaya And Mr. Bansi Lal Bhat, JJ. For The Appellant : Mr. K.B.S. Bedi and Mr. Raghavachari, Advocates For The Respondents : Mr. B. Dhanaraj and Mr. G. Ananda Selvam, Advocates. Mr. R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reditors held on 21st November, 2017, the State Bank of India voted against extension of period of the Resolution Process . Thereby, the Committee of Creditors had obstructed revival of the Company, which is against the spirit of the I B Code . 5. It was submitted that IDBI Capital Markets Pvt. Ltd. was in favour of extension of period. The Resolution Professional undertook to file an application for the opinion of the Adjudicating Authority on the subject, as there was less than 75% of the votes. Instead of seeking opinion of the Adjudicating Authority on the subject, the Resolution Professional filed an application for liquidation on 15th December, 2017, which is against the earlier proceedings recorded by the Resolution Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e paper book in support of his submissions. 9. According to the learned counsel for 3rd Respondent one Mr. V. Shankar, brother of the Appellant and Director (Finance) of the Corporate Debtor also wanted to make proposal, effectively suggesting sale of non-core assets, restructuring of existing credit facilities, etc. Otherwise, no person applied as a Resolution Applicant nor filed any Resolution Plan . 10. It has been brought to our notice that the Corporate Debtor had been incurring huge loss every year and the Audited Balance Sheets of the Corporate Debtor show that they had been incurring recurring losses every year and the losses have eroded its reserves and surplus. The operating loss of the Corporate Debtor as on Ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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