9911796707
TMI Blog2019 (7) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... plication is allowed by ordering liquidation of the corporate debtor, namely Shilpi Cable Technologies Limited. - CA-1144(PB)/2018 IN C.P. No. IB-64(PB)/2017 - - - Dated:- 1-5-2019 - MR M.M. KUMAR, PRESIDENT AND MR S.K. MOHAPATRA, MEMBER (TECHNICAL) For The Applicant : Mr Akshay Gupta, Deepak Chawla, Ms. Nameeta Singh Advs. Prateek, Advs. For The Ex-Management : Ms. Ridhima Gulati Advocate For The CoC : Ankur Mittal And Ms Jasveen Kaur, Advs For The RP : Mr Puneet Singh, Mr. Dhiraj, Ms. Simran jeet, Sanampreet Singh Advocates For The HDFC : Simran Sharma, Advocate ORDER M.M. Kumar, President ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an order dated 15.12.2017, the Hon ble Supreme Court quashed the order of the Appellate Tribunal and remanded the matter back to the Hon ble NCLAT. The Appellate Tribunal vide an order dated 15.01.2018 directed the IRP to continue the CIRP as it was on 01.08.2017. 5. Thereafter in the first meeting of Committee of Creditors (for brevity CoC ) held on 15.02.2018 the IRP was appointed as Resolution Professional (RP). Further in the second meeting of CoC held on 09.04.2018, a resolution was passed to replace the RP and by an order dated 07.06.2018, the applicant herein was appointed as the new Resolution Professional. 6. On a perusal of the minutes of the second meeting of CoC it can be made out that the IRP had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion was passed with 91.17% voting share where the CoC decided to refloat the invitation for submission of the Resolution plan. 10. Pursuant to the same, the Resolution Professional re-invited Resolution Plans from the prospective resolution applicants and received Expression of Interest from four entities. Out of the four entities, two submitted their resolution plan till the stipulated date, i.e. 05.10.2018. The authorised representatives both the resolution plan applicants presented and discussed their resolution plan in the fourteenth meeting of CoC held on 11.10.2018 wherein the CoC directed them to make few modifications in the Plan and submit the addendum to the plan. 11. Thereafter both the Resolution Pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the revised plan. In compliance of the same sixteenth meeting of the CoC was convened on 16.01.2019 and subsequently a revised plan was submitted on 21.01.2019. However before the plan could be considered by CoC, on 25.01.2019 the plan was withdrawn through an e-mail. Therefore, CA-1146(PB)/2018 was dismissed vide an order dated 04.02.2019. 14. Another CA-1143(PB)/2018 was filed by the second successful resolution plan applicant namely RCI Industries and Technologies Limited with a prayer to permit them to participate in the resolution process. On a perusal of the said application this Tribunal vide an order dated 04.02.2019 dismissed the same as the offer made by them was ₹ 85 Crores as against the liquidation value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Therefore, we are not able to persuade ourselves to accept the prayer made by the objectors and accordingly the same is rejected. 16. That the CIRP in the present matter expired on 19.10. 2018 and in the absence of any successful Resolution Plan the CoC in its 15th meeting dated 16.10.2018 passed the following resolution with 78.25% vote share: a. To direct the Resolution Professional to file an application under Section 33 of the Insolvency and Bankruptcy Code, 2016 read with the relevant regulations for the Liquidation of the Corporate Debtor and take the necessary actions in connection therein, subject to the resolution number 1, i.e., Resolution Plan of the Consortium of Vichitra Enterprises Private Limit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; e. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant regulations. f. The Liquidator shall follow up and investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section 35(l) of the Code read with relevant Rules Regulations. g. The liquidator is directed to consider the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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