9911796707
TMI Blog2018 (6) TMI 1582X X X X Extracts X X X X X X X X Extracts X X X X ..... r which this Company has been registered. b. As to appointment of Liquidator, the Resolution Professional i.e. the applicant herein is hereby directed to act as a Liquidator for the purpose of liquidation with all powers of the Board of Directors, key managerial persons and the partners of the Corporate Debtor shall cease to have effect and hereby vested in the Liquidator. The personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. The Insolvency Professional appointed as Liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified under Regulatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditors of the Corporate Debtor held on 15.01.2018 and on 16.01.2018 looking at in-principle approval alleged to have been given by the Financial Creditors of the Corporate Debtor. 2. On perusal of this application, one of the Financial Creditors, namely Bank of India has 52% of the voting share in the CoC, another Financial Creditor namely Andhra Bank has 33% voting share, ICICI Bank Ltd. has 5% voting share and Standard Chartered Bank has 9% voting share in the CoC. Looking at the minutes of this Committee of Creditors, Resolution plan submitted by Pennar Industries Ltd. and Eight Finance Pvt. Ltd. was put for voting because the last date of CIRP for the Corporate Debtor (Hindustan Dorr Oliver) was 16.1.2018 by the Resolution Profession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Professional, on 18.1.2018, filed this application for approval of Resolution plan before this Authority. It is also pertinent to mention here that 270 days' timeline prescribed under the Code was expired on 16.1.2018. 5. In the backdrop of it, the very Resolution Professional filed an Affidavit on 30.1.2018 stating that no sooner than the Resolution Professional filed this application on 18.1.2018, he had received an email from the Authorised Representative of Bank of India (constituent of CoC) intimating him of the rejection of the resolution plan by the Bank of India, which has 52% of the voting share in terms of the Code based on its share of the admitted claim saying that their competent authority has declined to approve the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidator, the Resolution Professional i.e. the applicant herein is hereby directed to act as a Liquidator for the purpose of liquidation with all powers of the Board of Directors, key managerial persons and the partners of the Corporate Debtor shall cease to have effect and hereby vested in the Liquidator. The personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. The Insolvency Professional appointed as Liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified under Regulation 4 of Insolvency and Bankruptcy (Liquidation Process) Regulations, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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