9911796707
TMI Blog2020 (2) TMI 693X X X X Extracts X X X X X X X X Extracts X X X X ..... r, M/s. Santosh Overseas Limited. 2. The facts in brief are that the financial creditor, IDBI Bank Limited, had filed an application under Section 7 of the Code bearing number IB-948(PB)/2018, for initiation of Corporate Insolvency Resolution Process against the corporate debtor. The said application was admitted on 08.02.2019, initiating Corporate Insolvency Resolution Process against the corporate debtor M/s. Santosh Overseas Limited and Mr. Rohit Sehgal was appointed as the Interim Resolution Professional. 3. Thereafter, 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 Interim Resolution Professional made paper publ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... newspapers (Financial Express and Amar Ujala) circulated in Delhi, Haryana, Chandigarh and Punjab. It is submitted that in pursuance of such publication on 03.05.2019, no response was received from any of the prospective resolution applicant. 8. Thereafter in terms of decision of third CoC meeting held on 18.06.2019, another expression of interest in Form-G was again published on 22.06.2019, in the newspapers Financial Express (Delhi) and Jansatta (Bulandshahr, Uttar Pradesh). 9. In the 6th meeting of CoC, dated 03.08.2019, the resolution professional apprised the members of the CoC that the prospective resolution applicant i.e. Prudent ARC Limited had sought four weeks' time, after the completion of last date of submission of resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on passed at a meeting of CoC by a vote of 66 % of the voting share. Admittedly CoC did not pass the resolution for extension of insolvency resolution period with the required voting share. On the other hand, CoC resolved to liquidate the corporate debtor. 12. The aforesaid decision of CoC has been challenged by the ex-directors mainly on the ground that liquidation is the last resort which should have been avoided. 13. In the present case there is no dispute that expression of interest was invited on three occasions on 19.03.2019, 03.05.2019 and on 22.06.2019. Nevertheless, there was no acceptable resolution plan. That apart the initial insolvency period has since expired on 06.08.2019. In the facts CoC with 66% vote share decided to go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has to be in toto. When the language of the Code is clear and explicit the Adjudicating Authority must give effect to it whatever maybe the consequences. 17. In the factual background and in the absence of any acceptable resolution plan; there is no other alternative but to order in conformity with the requisite majority decision of the Committee of Creditors for liquidation of the corporate debtor under Section 33 (2) of the Code. 18. In the result the application is allowed by ordering liquidation of the corporate debtor, namely M/s. Santosh Overseas Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 along with following directions: a. Mr. Rohit Sehgal with Registration No. IBBI/I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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