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TMI Blog2018 (9) TMI 1043X X X X Extracts X X X X X X X X Extracts X X X X ..... ional to the Adjudicating Authority in specified form to act as a Liquidator for the purpose of liquidation. We therefore, while ordering liquidation of the Corporate Debtor, appoint Mr. Bhupesh Gupta, Resolution Professional, having Registration No. IBBI/IPA-002/IP-N00030/2016-17/10067, to act as Liquidator for the purpose of liquidation of the Corporate Debtor. His appointment shall take effect from the date of receipt of this order. All the directions/requirements and provisions of Chapter III of the Code and Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as Liquidation Process Regulations, 2016) shall be strictly complied with. - CA No.266, 265 of 2018 In CP (IB) No.67/Chd/Pb/2017 - - - Dated:- 8-8-2018 - MR R.P.NAGRATH, MEMBER (JUDICIAL) AND MR. PRADEEP R.SETHI, MEMBER (TECHNICAL) For The Resolution Professional : Mr.Atul V. Sood, Advocate, Mr.NahushJain, Advocate And Mr.Bhupesh Gupta, Resolution For The Applicant : Mr.Akaant Kumar Mittal, Advocate ORDER There are two other miscellaneous applications, CA No.198 of 2018 and CA No.180 of 2018 and learned counsel for the applicants in those a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itors, held on 20.02.2018. The application was allowed and period of completion of insolvency process was extended by 90 days, vide order dated 23.03.2018. Two plans were received, one of which was rejected, as discussed in the meeting of the Committee of Creditors, held on 18.04.2018 (Annexure A-5). 6. In the 5th Meeting of Committee of Creditors, it was decided to get fresh valuation of the company by a 3rd Valuer, because of variations in the earlier two valuations. Valuation Report is at Annexure A-6. In the next meeting dated 01.05.2018, due diligence report was placed before the Committee of Creditors, wherein the Resolution Plan was discussed and the Resolution Applicant was advised to improve the bids, which was agreed by the Resolution Applicant. Copy of the minutes of meeting is at Annexure A-7. 7. In the 7th Meeting of Committee of Creditors, held on 21.05.2018, the Resolution Plan was discussed. The Plan was presented, details of which were discussed and the Resolution Applicant was asked to revise the bid and quote a total amount, leaving it for the Committee of Creditors to decide about the distribution amount of the Financial and Operational Creditors, as well ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tly on the rolls of Supreme Tex, the Corporate Debtor. 11. The prayer made in the application is that the revival of the Corporate Debtor should be uppermost priority and it should never undergo liquidation, merely because the Members of the Committee of Creditors failed to realize the impact of the operations of the Corporate Debtor on which many persons have their livelihood. It was also prayed that decision to reject the Plans at the instance of some of the Members of the COC may be reconsidered. The prayer ultimately is made that the Tribunal may pass the order of liquidation of the Corporate Debtor, as a going concern and further, that pending the disposal of the application, the order of liquidation may not be passed. 12. In reply, the Resolution Professional has challenged the locus standi of the applicants to file any application because there does not exist any such Association of Employees. There is no authorization attached with the application from the Association to file the present application and other applicants have not filed their affidavit in support thereof. 13. We have heard the learned counsel for the Resolution Professional, the learned counsel for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of the committee of creditors to liquidate the Corporate Debtor, the Adjudicating Authority shall pass a liquidation order, as referred to in sub clause (i), (ii, and (iii) of Clause (b) of subsection (1). ( 3) to (7) 17. The period of 270 days, as permissible, for completion of the Insolvency Resolution Process expired on 26.06.2018. The Committee of Creditors has taken a decision that if no better Resolution Plan is received by 18.06.2018, the company will go into liquidation and it is no one s case that any new offer was received thereafter. In view of the aforesaid provision of Section 33 of the Code, the Company has to go for liquidation. 18. The only question that remains to be considered is whether the Corporate Debtor should undergo liquidation as a going concern. It is stated in the Application No. CA 266 of 2018 by the Resolution Profession that there are about 1939 employees working in the Corporate Debtor. Our attention has been drawn to Clause (e) of Section 35 of the Code that a liquidator shall have the power and duty to carry on the business of the Corporate Debtor for its beneficial liquidation, as he considers necessary. Regulatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional has furnished his written consent (Annexure A-10) dated 09.07.2018, accepting his appointment as an Liquidator, if an order is passed to that effect. He has furnished all other disclosures as required in the form. It is certified that he is not subject to any disciplinary proceedings initiated by the Board or the Insolvency Professional Agency i.e. ICSI. 23. We therefore, while ordering liquidation of the Corporate Debtor, appoint Mr. Bhupesh Gupta, Resolution Professional, having Registration No. IBBI/IPA-002/IP-N00030/2016-17/10067, to act as Liquidator for the purpose of liquidation of the Corporate Debtor. His appointment shall take effect from the date of receipt of this order. 24. All the directions/requirements and provisions of Chapter III of the Code and Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as Liquidation Process Regulations, 2016) shall be strictly complied with. Some of the directions are noted as under:- (i) Subject to Section 52 of the Code, when a liquidation order has been passed, no suit or other legal proceedings shall be instituted against the corporate debtor [S ..... 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