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TMI Blog2019 (5) TMI 1294X X X X Extracts X X X X X X X X Extracts X X X X ..... e debtor to be liquidated in the manner as laid down in Chapter III of the Code. Ratification of expenses and fee of IRP/RP during the CIRP - HELD THAT:- So far as the claim with regard to expenses of RP is concerned, the learned counsel for the RP submits that the same would be made part of the liquidation cost or the cost of Corporate Insolvency Resolution Process and therefore, the prayer presently is confined only with regard to the liquidation of the corporate debtor for which the COC has taken a decision on 29.09.2018. In accordance with Regulation 13 of the Liquidation Process Regulations, 2016, the Liquidator shall file his preliminary report within 75 days and to file regular progress reports as per Rule 15 of the Liquidation Process Regulations 2016 every fortnightly thereafter - It is clarified that the Financial Creditors are not debarred from having recourse to enforce the personal guarantees and to take proper steps in this regard. Application disposed off. - CA No. 530/2018 In CP (IB) No.52/Chd/Pb/2018 - - - Dated:- 25-1-2019 - Mr R.P. Nagrath, Member (Judicial) And Mr. Pradeep R. Sethi, Member (Technical) For The Resolution P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lace on 29.09.2018 when members with 36.87% of the total voting share of COC were present and unanimously decided for the liquidation of the corporate debtor and also decided that the fee of IRP and RP and other insolvency process costs to be paid will be decided by the Adjudicating Authority, which shall be acceptable to all the members of the COC. The consolidated expense sheet is stated to be enclosed as Annexure A-3 of the application in which the IRP/RP has proposed his fee @ ₹1,00,000/- per month. 4. It is also stated that the period of 180 days of CIRP expired on 30.09.2018 and that in the absence of books of account, the applicant/RP cannot verify the claims received and cannot consequently prepare the information memorandum and therefore, the corporate debtor may be liquidated. It is submitted that the liquidation value of the assets is arrived at ₹1,11,58,000/- by the registered valuers and that the total claims received from the financial creditors by the RP amount to ₹7,08,96,574/-. It is prayed that the expenses and fee of the IRP/RP be ratified and order of liquidation of the corporate debtor passed in accordance with Section 33(1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spective affidavits dated 27.08.2018 in this regard. As regards Shri Sandeep Kumar Jindal, Managing Director of the Suspended Board of Directors, the notice was not delivered and he was not personally present also Bailable warrants were ordered to be issued. 9. The order dated 18.10.2018 states that SI Ramandeep Singh for SP City Sangrur is present and filed report that the bailable warrants issued against Shri Sandeep Kumar Jindal have not been executed and that Shri Sandeep Kumar Jindal is also an accused in a case under Section 420, etc. of Indian Penal Code and he has not been arrested so far and is absconding. In view of the affidavits of Shri Jatinder Jain and Mr. M.M. Usmani, Directors of Suspended Board of Directors and the Managing Director Shri Sandeep Kumar Jindal being absconding and despite application under Section 19(2) of the Code, the RP could not obtain the required information and has therefore, stated in the present application that in the absence of required information, the information memorandum could not be submitted. 10. Taking into consideration the above discussion and the provisions of Section 33(1)(a) of the Code (sup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Kuljeet Singh, IP registration No. IBBI/IPA- 002/IP-N00411/2017-2018/11203, email ID: [email protected] and Mobile No. 98880-10359 is picked up and appointed as liquidator for the liquidation process of the corporate debtor. 14. It is further observed that 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) That as per Section 33(5) of the Code and subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted against the corporate debtor; Provided that a suit or other legal proceedings may be instituted by the liquidator on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority; ( ii) That the provisions of sub-section (5) of Section 33 of the Code shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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