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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 ..... e 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 Newspaper Publication in two edition one in English and another in vernacular as per Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016, inviting the claims from the creditors. Thereafter, the IRP conducted the 1st and 2nd Meeting of the Committee of Creditors (CoC) on 28th December, 2017 and 5th January 2018 respectively. 5. It is averred that one of the Promoters and Directors of the Corporate Debtor viz., Mr. R. Adaikalavan filed MA/56/2018 and this Authority vide Order dated 30th May, 2018, appointed the Applicant viz., Mrs. Deepa Vankat Ramani as the Resolution Professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 and hence, it has rejected the Resolution Plan. 11. It is averred that the CIR Process period ended on 24.01.2019 and no other Resolution Plan was received by the Resolution Professional. In the 8th Meeting of the CoC held on 18.01.2019, after deliberation and discussions, the CoC unanimously passed the Resolution for Liquidation of the Corporate Debtor. The Resolution passed by the CoC is as follows: "RESOLVED THAT pursuant to the provisions of Section 33(2) of the Insolvency and Bankruptcy Code, 2016 approval of the Committee of Creditors be and is hereby given for submitting an application for Liquidation of the Corporate Debtor to the Honourable National Company Law Tribunal, Chennai Bench. RESOLVED FURTHER THAT the Committee takes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate 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 following the due process of law. The Hon'ble High Court of Madras vide its Order dated 28.11.2013 modified the garnishee order and directed the General Manager, Southern Railways to deposit a sum of Rs. 7.50 Crores from out of the sums payable to the Corporate Debtor. 17. The Corporate Debtor had filed W.P. No. 17307 of 2016 seeking a Writ of Mandamus to direct the Respondent to release the projects bills amount, arbitration award's amount, price variation amounts, Security Deposits, EMD, etc. for the projects which were not assigned to the Bank of Baroda, to the Company within stipulated period. In this regard, the Hont>le High Court of Madras vide its order dated 03.12.2018 directed the Company to move an Application before the DRT-II, Chennai, for appropriate relief. Pursuant to the said direction, the Resolution Professional on 07.01.2019 filed LA. 47 of 2019 praying that the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... may be instituted by the Liquidator, on 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 and shall be vested with the Company Liquidator viz., Mr. Pathukasahasram Raghunathan Raman VIII. The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. IX. The Company Liquidator shall be entitled to charge such fees for the conduct of the liquidation proceedings and in such a proportion to the value of the liquidation estate assets a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidation as and when they are realised." Besides the provisions of Section 36(3) of the Code as mentioned above, regulation 39 of the IBBI (liquidation process) Regulations 2016 provides that the liquidator shall endeavor to recover and realize all assets of and dues to the corporate debtor in a time bound manner for maximization of value for the stakeholders. In view of the above, the Liquidator appointed is directed to collect the said amount along with interest due from the DRT-II, Chennai by taking all the steps so that the amount so received may be dealt with under Section 53 of the Code, as no preferential payment can be made in favour of the Bank of Baroda, as claimed. 21. In terms of the above, MA/69/2017 filed in TCP/233/IB/2017 by the Resolution Professional under Section 33(2) of I&B Code, 2016, for initiation of the Liquidation Proceedings against the Corporate Debtor viz., M/s. CT Ramanathan Infrastructure Private Limited, stands disposed of. 22. Copy of this Order shall be sent to the concerned Registrar of Companies, RD, OL, and Registered Office of the Corporate Debtor by the Company Liquidator viz., Mr. Pathukasahasram Raghunathan Raman, for information an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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