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TMI Blog2019 (5) TMI 517X X X X Extracts X X X X X X X X Extracts X X X X ..... atorium declared. - CP(IB) No. 336/KB/2018 - - - Dated:- 1-3-2019 - SHRI M.B. GOSAVI, MEMBER (JUDICIAL) For The Operational Creditor : Prasenjeet Mohapatra, Adv. for GST And Central Excise and R. Ragavendran For The Resolution Professional : Pooja Jewrajka, S.K. Mishra, Advs. Sambhulal Agarwal and Saradindu Jena ORDER 1. M/s. Nile Traders, the Operational Creditor has filed this application under Section 9 of IBC 2016 against M/s. Rukmini Infrastructure Projects Private Limited (Corporate Debtor) to start Corporate Insolvency Rersolution Process (in short, CIRP) of the Corporate Debtor. This Adjudicating Authority vide order dated 10.05.2018 admitted the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Bank (2.85% voting share) and Sundaraman Financial Limited (1.99% voting share). 4. It appears from the record that two units of the Corporate Debtor at Darpipali in State of Orissa and the Singrauli in the State of Uttar Pradesh were then going concern and were operating smoothly. The RP received claims from other 67 Operational Creditors. CIRP period of 180 days completed on 05.11.2018. The CoC instructed the RP to get the CIRP period extended for further 90 days and it was extended by this Adjudicating Authority as per provisions of Section 12(2) of the IBC 2016 on 15.10.2018. The RP published the notice of invitation of EoI/Resolution plans from prospective resolution applicants in Financial Express, (English) and Daily ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the jurisdiction or authority to analyse or evaluate commercial of CoC much less to enquiry into the justness of rejection of resolution plan by deciding financial creditors hence, the request meeting for unsuccessful resolution applicant cannot be consider and it is turned down . 8. In view of this, unsuccessful Resolution Applicant's request cannot be considered now, there is no resolution plan for approval of this Authority. Hence, this Authority is left with no option but to pass order of liquidation of the Corporate Debtor. 9. It is seen from the record that two units of the Corporate Debtor were running smoothly at one point of time during CIRP. The Resolution Professional did not disclose in his ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of India (IBBI), New Delhi. (iv) The Order of Moratorium passed under Section 14 of the I B Code, 2016 shall cease to have effects and a fresh moratorium under Section 33(5) shall commence. (v) The Liquidator to liquidate two units of the Corporate Debtor as going concern if they are still in operation. In any other event this order is deemed to be a notice of discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33(7) of I B Code, 2016. (vi) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of the Insolvency and Bankruptcy Code, 2016. (vii) Upon proceeding with the liquidation the Liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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