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TMI Blog2018 (12) TMI 1049X X X X Extracts X X X X X X X X Extracts X X X X ..... 2018 And CP No. 618/IB/CB/2017 - - - Dated:- 1-11-2018 - SHRI B.S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) AND SHRI S. VIJAYARAGHAVAN, MEMBER (TECHNICAL) For The Applicant : Vishnu Mohan, Advocate For The Respondent : Madhu Desikan, RP ORDER Per : S. VIJAYARAGHAVAN, MEMBER (TECHNICAL) The instant petition had been filed by M/s. Trans Asian Shipping Services Private Ltd, the Operational Creditor herein u/s 9 of the Code read with Rule 6 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process ( CIRP ) against M/s. Jain Granites Projects India Ltd, the Corporate Debtor herein. 2. This Tribunal vide order date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) Building at Harrington Road - ₹ 486,143 (d) Plant Machinery - ₹ 1,735,539 (e) Furniture Fixtures - ₹ 4,744,295 (f) Office Equipment - ₹ 1,094,086 (g) Godown Construction - ₹ 360,990 TOTAL- ₹ 13,107,845 4. In the COC meeting held on 31.01.2018 the Interim Resolution Professional was appointed as the Resolution Professional. In the next COC meeting held on 21st February, 2018, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possibility of reducing staff costs. (iv) As regarding the review of statutory Compliances, COC wanted RP to give a complete picture of state of affairs by 15th March, 2018. (v) COC agreed to RP request to reduce the time period of convening the meeting from 7 days to 2 days. (vi) In case of Security Costs, RP informed that security agency had unilaterally withdrawn their personnel in view of non-settlement of January 2018 bills and informed COC that premises were being guarded by the Company s workers only. COC wanted to appoint security at Maduravoyal premises for about ₹ 24,000 per month till such time stocks are liquidated. (Refer Annexure 5 -Minutes of 5th Meeting of COC) 5. In the COC meeting held on 3rd May, 2018, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tcy Code, 2016 (ii) That as per the said draft, the plan of raising a further sum of ₹ 8 Crores interest free is not feasible considering the past performance of the Company and disputing a sum of ₹ 8.90 Crores outstanding is not feasible. 8. That the said draft itself which was submitted to RP on informal basis cannot be considered to be serious offer from them. COC also reviewed the Company financial position as given by the RP based on the available records as under: a. Inventory/Vehicles- Realizable - ₹ 60 lakhs b. Debtors O/s- Realizable - ₹ 1600 lakhs TOTAL EXPECTED REALIZATION- ₹ 1660 lakhs Total Outstanding: Financial creditors-IOB - ₹ 3254 Lakhs Other Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016. (ii) That the petitioner, MADHU DESIKAN , Resolution Professional of the Corporate Debtor to act as Liquidator of the Company till the Committee of Creditors of Corporate Debtor, take decision to appoint another Resolution Professional as Liquidator for this Company. 11. In the light of the facts and circumstances stated in the Application filed by the RP, this Adjudicating Authority in exercise of powers conferred under Section 33(1)(a) of the I B Code, 2016, proceed to pass the following order: i. We order for liquidation of the Corporate Debtor viz., M/s. Jain Granites Projects India Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I B Code, 2016; ii. We appoint RP viz. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or viz., Mr. Madhu Desikan. In addition to this, the Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I B Code, 2016, r/w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. ix. The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. x. The Liquidator shall be entitled to charge such fee for the conduct of the liquidation proceedings in such a proportion to the value of the liquidation estate assets as specified by the IBBI Board. Accordingly, the fees of the conduct of the liquidation proceedings shall be paid to the Liquidator from the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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