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TMI Blog2019 (11) TMI 403X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the insolvency petition on 02.11.2018 and also appointed one Ms. Sarita Duck as Interim Resolution Professional (IRP) in relation to the affairs of the Corporate Debtor. 2. In terms of Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) the said Interim Resolution Professional made a public announcement in FORM-A on 05.11.2018 in Indian Express (English Edition) and Punjab Kesari (Hindi Edition). In compliance of Regulation 8A(3) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) the said IRP on receipt of claims from homebuyers in Form CA, made a public announcement on 20.11.2018 in Indian Express (English Edition) and Punjab Kesari (Hindi Edition) and had given three choices namely Mr. Prashant Agrawal, Mr. Rajneesh Singhvi and Mr. Vikas Rajvanshi to act as authorized representative of the said creditors. In terms of Regulation 16A of the above said Regulation Mr. Vikas Rajvanshi was selected as the Authorized Representative of Financial Creditors in the class of Form CA. 3. The Resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Professional be done if approved by this Tribunal, where full and final payment as per agreement was received by the corporate debtor and only registration was to be done in the name of the purchaser of the property/flats. 5. The third CoC meeting was held on 27.02.2019 and on perusal of the same it is seen that to manage the affairs of the Company it was resolved to raise interim finance by sale of Flat No. F-4 located at Rameswaram Residency owned by the Company. Further the CoC had assented to ratify the expenses incurred upto 3rd CoC meeting and approved to incur expenses on actual basis till conclusion of CIRP proceedings. However, the agenda to share cash book of the Corporate Debtor and personal details of creditors as demanded by Shri Vinod Dugar, creditor, and the agenda to examine undervalued transactions for sale of property made by the company before one year, which is out of purview of CIRP proceedings, is dissented by CoC. Further the CoC has assented to conduct Forensic audit from 01.04.2014 to 06.07.2018 and also assented to charge an amount of Rs. 15,000/- (Rupees Fifteen Thousand Only) from Home buyers for registration done in their favour, to approve the insu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e taking over the possession of the said flat. The respondent in this IA had filed his reply vide Dairy No. 1388/2019 on 29.07.2019. 8. IA No. 114/JPR/2019, IA No. 115/JPR/2019, IA No. 116/JPR/2019 and IA No. 125/JPR/2019 were filed by Home Buyers and it is seen that on 26.04.2019 this Tribunal had granted permission to withdraw these IAs and file fresh application to apply for condonation of delay in filing the claim. 9. It is further seen that IA No. 124/JPR/2019 was filed by Mr. Ravi Maheshwari owner of the property situated at Plot No. 44, Keshav Nagar, Sirsi road, Panchawala, District Jaipur-302034, under Section 60(5) of Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor, Resolution Professional and Directors of the Corporate Debtor namely Mr. Amod Agarwal, Mr. Pramod Agarwal and Ms. Anjana Agarwal wife of Mr. Pramod. It was submitted that on the said Plot, Corporate Debtor had constructed a building without any authority. On perusal of Order dated 31.05.2019 it is seen that Resolution Professional had submitted that Mr. Pramod Agarwal has expired and Ms. Anjana Agarwal is the wife of Mr. Pramod Agarwal. It is further seen that RP and Mr. Amod Agarwal have fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted that one of the CoC members, all being the home buyers, had desired to settle the issues in one of the projects namely Nishant Nupur, of which construction had not been completed by the Corporate Debtor and for the resolution of the same, further period of 90 days was required. Thus, this Tribunal on 03.05.2019 extended the CIRP period from 180 days to 270 days on and from 01.05.2019. In 4th CoC meeting, it was resolved to raise interim finance by e-auction of Flat No. F-4 situated at Rameshwarsm Residency for managing the affairs of the Company. The CoC had also assented to give Plot Nos. 5 & 6 (club house), registered in the name of Amod Agarwal and Pramod Agarwal, to Home Buyers of Society Weekend to complete construction and avail the facilities on Plot No. 1 to settle the creditors. 16. The IRP convened 5th COC meeting on 22.07.2019 and on perusal of the same it is seen that since maximum period of 270 days expired on 30.07.2019 and as no resolution plan came forth, the CoC had assented for liquidation of the Corporate Debtor. In the said meeting no liquidator's name was proposed by the CoC. Hence the Resolution Professional has filed an Application for liquidation v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly, in relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation; e. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; f. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; g. 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; h. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016; i. Copy of this order be sent to the operational credi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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