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TMI Blog2019 (10) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... 16, (in short I B Code, 2016 ) by the Resolution Professional. 2. The prayers made by the Resolution Professional in the Application are as follows:- i. That the Bench may pass orders as to liquidate the Corporate Debtor ii. Appointment of Liquidator of the Corporate Debtor and iii. Pass any such other orders or directions as deem fit and appropriate by the Hon ble Bench. 3. Originally, M/s. L T Finance Limited (Financial Creditor) has filed TCP/233/(IB)/2017 under Section 7 of the I B Code, 2016 against M/s. C.T. Ramanathan Infrastructure Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, to declare moratorium and to appoint Interim Resolution Professional (IRP). This Adjudicating Authority vide its Order dated 21.11.2017, admitted the Application, initiated the CIR Process against the Corporate Debtor and appointed one Mr. Dhiren Shantilal as IRP. 4. It is averred that pursuant to the Order of this Authority dated 21.11.2017, the IRP had taken over the management of the Corporate Debtor and had issued the New ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ship concern viz., M/s. Sudha Electricals Enterprise from Bangalore. 9. It is further averred that the EoI received from M/s. Sudha Electricals Enterprises was placed before the 6th Meeting of the CoC held on 11.12.2018 and with the approval of the CoC, Information Memorandum of the Corporate Debtor was provided to the prospective Resolution Applicant. 10. In the Meeting of the CoC held on 18.01.2019, the CoC after deliberation decided that the Resolution Plan submitted by Resolution Applicant was not effective to the extent of reviving the Corporate Debtor and the Plan submitted by the Resolution Applicant does not provide sufficient infusion of funds. Further, the CoC had highlighted the two deficiencies in the Resolution Plan; i) Affidavit that the Resolution Applicant is eligible under Section 29A to submit Resolution Plans not provided as per Regulation 39(1) (a) and ii) Resolution Plan does not address the cause of default and adequately provide for effective implementation as per Regulation 38(3). The CoC also expressed its reservation on the financial viability of the Resolution Plan and the financial strength of the Resolution Applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esentation on behalf of Bank of Baroda. 14. In the Supplementary Affidavit, the Applicant states that the Bank of Baroda had filed O.A. No. 131 of 2013 before DRT-1, Chennai against the Corporate Debtor for recovery of loan outstanding dues. On 02.08.2013, the DRT-1 passed an ex-parte order for withholding all the sums payable to the Corporate Debtor by the General Manager, Southern Railway and subsequently O.A. No. 131 of 2013 pending before DRT-1 Chennai was transferred to the DRT-2, Chennai for want of territorial jurisdiction and was renumbered as O.A. No.426 of 2014 on the file of DRT-2, Chennai. 15. It is further stated in the Supplementary Affidavit that the General Manager, Southern Railways deposited all sums due from other projects for which loans were not obtained from Bank of Baroda as well with the DRT-2 and for this reason, the Corporate Debtor was unable to clear its dues to other creditors. 16. The Corporate Debtor filed W.P. No. 29206 of 2013, seeking the issuance of a Writ of Certiorari Mandamus calling for the records pursuant to the order of the DRT-1 dated 02.08.2013 and to quash the said order to pass orders by foll ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Order as follows:- I. This Authority orders the liquidation of the Corporate Debtor viz., M/s. CT Ramanathan Infrastructure Private Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I B Code, 2016; II. This Authority appoints Mr. Pathukasahasram Raghunathan Raman as Company Liquidatior, (Reg. No. IBBI/IPA-002/IP-P00295/2017-10896,Email ID: [email protected]) who shall file the declaration disclosure statement in the Registry of NCLT, Chennai, within two working days from the date of the receipt of this order and issue a public announcement stating therein that the Corporate Debtor is in liquidation; III. The moratorium declared under Section 14 of the I B Code, 2016, shall cease to have effect from the date of the order of liquidation; IV. Subject to Section 52 of the I B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. V. This Authority makes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... therein as evidenced in the balance sheet of the corporate debtor or an information utility or records in the registry or any depository recording securities of the corporate debtor or by any other means as may be specified by the Board, including shares held in any subsidiary of the corporate debtor; (b) assets that may or may not be in possession of the corporate debtor including but not limited to encumbered assets; (c) tangible assets, whether movable or immovable; (d) intangible assets including but not limited to intellectual property, securities (including shares held in a subsidiary of the corporate debtor) and financial instruments, insurance policies, contractual rights; (e) assets subject to the determination of ownership by the court or authority; (f) any assets or their value recovered through proceedings for avoidance of transactions in accordance with this Chapter; (g) any asset of the corporate debtor in respect of which a secured creditor has relinquished security interest; (h) any other property belonging to or vested in the corporate debtor at t ..... 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