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TMI Blog2019 (11) TMI 618X X X X Extracts X X X X X X X X Extracts X X X X ..... 019 during the CIRP process and before confirmation of the resolution plan. The decision of the CoC to liquidate the Corporate Debtor is approved by the CoC with 99.87% of the voting share and therefore, the requirement of approval of not less than 66% of the voting share is satisfied. In view of the satisfaction of the conditions of Section 33 (2) of the Code, the liquidation order as referred to in sub clauses (i), (ii) and (iii) of clause (b) of Section 33 (1) of the Code is being passed - In view of the satisfaction of the conditions provided under Section 33(2) of the Code, the corporate debtor Gian Chand Sons Pvt.Ltd is directed to be liquidated in the manner as laid down in Chapter III of the Code. - CA No. 546/2019 in CP (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of CIRP is stated to have expired on 26.07.2019. 5. It is further stated that during the CIRP period invitation for Expression of Interest in Form G was published on 12.01.2019 and Shri Gulshan Rai, the Promoter/Director of the Corporate Debtor submitted the resolution plan. However, in the meeting of the Committee of Creditors (CoC) held on 08.04.2019, the resolution plan was rejected as the amount of the offer in the plan was too low. It is stated that another invitation for Expression of Interest in Form G was published on 12.04.2019 and a resolution plan was again received from Mr.Gulshan Rai, the Promoter/Director of the Corporate Debtor on 28.05.2019. It is submitted that the said resolution plan was discussed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Professional as the Liquidator be approved and the liquidation fee of the Liquidator as approved by the CoC in its meeting held on 19.07.2019 be also approved. 9. We have carefully considered the submissions made in the application by the Resolution Professional and have also perused the records. 10. It has been pointed out in the application that despite invitation for Expression of Interest in Form G published on two occasions i.e. on 12.01.2019 and 12.04.2019, the resolution plan was received only from Mr.Gulshan Rai, the Promoter/Director of the Corporate Debtor on both the occasions. However, the CoC considered the offer and found it to be too low and therefore, rejected the resolution plan. It has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code states that where the Adjudicating Authority passes an order for liquidation of the corporate debtor under Section 33, the resolution professional appointed for the corporate insolvency resolution process shall, subject to submission of written consent act as Liquidator for the purpose of liquidation. Mr.Rajeev Bhambri, Resolution Professional with IBBI Registration No.IBBI/IPA- 002/IP-N00152/2017/18/10399 has filed his consent dated 23.07.2019 (Annexure A-2 of the application). Therefore, Mr.Rajeev Bhambri is appointed as the Liquidator. 16. Section 34 (8) of the Code states that the Insolvency Professional proposed to be appointed as a Liquidator shall charge such fee for the conduct of the liquidation proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( iii) That this order of liquidation under Section 33 of the Code 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; and ( iv) That 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 in the liquidator; and ( v) That the personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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