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TMI Blog2019 (3) TMI 1193X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicant on 07.01.2019 with 100 per cent voting share. Since no Resolution Plan has been received by this Authority under Sub-Section (6) of Section 30 of the I&B Code, 2016, before the expiry of the Corporate Insolvency Resolution Process the Corporate Debtor has to be ordered for Liquidation. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Infinitas Energy Solutions Pvt. Ltd., which shall be conducted in the manner as laid down in Chapter III of part II of the I&B Code, 2016. - MA NO. 341/2018 In CP (IB) NO. 558/CB/2017 - - - Dated:- 6-2-2019 - CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) For The Resolution Professional : R. Venkatakrishnan For The CoCs : Rajendran Raghavan ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12(2) of the I B Code, 2016 before this Authority seeking extension of the time period of CIR Process for 90 days beyond 180 days from 17.03.2018 and this Authority vide Order dated 19.03.2018 extended the CIRP. 5. It is stated that the Expression of Interest ( EoI ) was invited in newspaper publication including Mumbai Edition on 09.02.2018 to seek the Resolution Plans from the prospective Resolution Applicants in respect of the Corporate Debtor under Section 25 (2) (h) of I B Code, 2016 and also requested to send the EoI in the website of the respective banks. It has further been stated that after the recommendation of the CoCs, Resolution Professional has appointed Valuers as per Regulation 27 of the Regulations, 2016 and has also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y virtue of the orders of the Hon ble High Court of Madras and this Authority had extended the time period of CIR Process till 22.06.2018. Accordingly, the Resolution Professional has communicated to both the Resolution Applicants about the last day of CIR Process and sought for revised Resolution Plans, if any, to be submitted by them. 9. In the 8th Meeting of the CoC, the Resolution Professional once again placed the revised offers submitted by the potential Resolution Applicants before the CoC and the CoC has noted that the two offers were not materially different but decided to call both the Resolution Applicants to make a revised offer in a sealed cover indicating the minimum commitment against the contingent payments for evaluating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ollows: :1. Significant haircut that the creditors would he subject to, if the Resolution Plan is accepted. 2. Offer was materially lower than the one time settlement offer made by the Company in 2016. 3. Concerns about significant provisions and write offs made in the Provisional Financial Statements of March 31st 2017 resulting in low liquidation value. 4. Concerns on transactions of preferential payments, potentially undervalued transactions, transactions that could have been made to potentially defraud creditors and fraudulent trading or wrongful trading. : 12. In the interregnum, one of the Resolution Applicants viz., Liberty House Group has filed an Application MA 416/2018 on 10.09.2018 seeking the reli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd discussions were of the considered view that the revised proposal also still did not address the concerns on the commercial viability of the proposal. The Committee was of the view that the RA was specifically informed during the 12th meeting the Financial Expectations, as desired by the RA, and that it was not willing to consider the contingent payments that had no certainty of being paid. The Committee recalled that it had indicated its expectation, though it expressed its reservations about stating the same as it went against the gain of value maximisation. The Committee further felt that the only change in the revised proposal was the advancement of ₹ 1 Crore to the payment at 12th month instead of 36th month in the earlie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he I B Code, 2016; II. This Authority hereby appoints the Resolution Professional viz., Mr. R. Venkatakrishnan as Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; III. The moratorium declared under Section 14 of the I B Code, 2016, shall cease to have effect from the date of the order of liquidation; IV. Subject to Section 52 of the I B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. V. This Authority makes it clear that para (iv) hereinabove ..... X X X X Extracts X X X X X X X X Extracts X X X X
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