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TMI Blog2019 (7) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... /IB/2017 for seeking order for liquidation of the Corporate Debtor viz., M/s. BKR Hotels Resorts Private Limited, 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 maximum period of CIR Process, the Corporate Debtor has to be ordered for Liquidation. Application disposed off. - MA/232/2019 in CP/472/IB/2017 - - - Dated:- 3-5-2019 - CH MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) For The RP : Mr R. Venkatakrishnan in Person For Financial Creditor : Mr. V. V. Shivakumar For M/s Due Associates ORDER Per : CH MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claims from the creditors and constituted Committee of Creditors (CoC). In the 1st Meeting of the CoC held on 19.09.2018, the Applicant was appointed as Resolution Professional. 5. It is averred that the Resolution Professional as per Regulation 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, had made newspaper publication inviting Expression of Interest ( Eol ) on 06.10.2018 in respect of Corporate Debtor fixing 20.12.2018 as last date for submitting the Resolution Plan(s). It is further averred that in response to the advertisement, 25 Resolution Applicants expressed their interest, and out of which, 8 Applicants had fulfilled the eligibility cri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accepted by Mr. D. R. Balakrishna Raja and he stated that the discussions for funding are in the final stage, it will be finalized very shortly. 10. In the 10th Meeting of the CoC held on 07.02.2019, the suspended director was unable to present any binding proposal before the CoC and briefed the members that he has now initiated discussions with another Firm viz., M/s. Giriguja Publications Private Limited, for funding the settlement process and due to paucity of time, they were unable to remit the minimum amount of ₹ 7 Crores for pursuing the proposal for settlement. It was confirmed that the monies would be made available to the promoter for remittance before 08.02.2019 to the designated No Lien Account to be mainta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... settlement process and the documents indicated that the initial amount would be paid on or before 18.02.2019 and that would be placed before the CoC on 19.02.2019, but, the suspended director failed to deposit the minimum settlement amount, on 19.02.2019. 13. It is averred that in the 11th Meeting of the CoC held on 19.02.2019, the CoC had reiterated that it had given 3 opportunities and the suspended director viz., Mr. D. R. Balakrishna Raja brought 3 different parties for the purpose of funding the settlement process and none of the plans submitted by him fructified in any firm proposal for settlement. 14. It is stated that the Resolution Professional has not received any viable and feasible Resolution Plan f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Repco Bank 13.84% - - Reliance Commercial Finance Limited - - 3.88% Dena Bank - - 0.22% Total 95.90% - 4.10% 16. Accordingly, the Resolution Professional has filed the instant MA/232/2019 in CP/472/IB/2017 for seeking order for liquidation of the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... behalf of the Corporate Debtor, with the prior approval of this Authority. V. This Authority makes it clear that para (IV) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. VI. This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. VII. All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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