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TMI Blog2019 (5) TMI 1755X X X X Extracts X X X X X X X X Extracts X X X X ..... orders the liquidation of the corporate debtor, viz., M/s. BKR Hotels and Resorts P. Ltd., which shall be conducted in the man ner as laid down in Chapter III of Part II of the I and B Code, 2016. - M. A. No. 232 of 2019 in C. P. No. 472/IB/2017. - - - Dated:- 3-5-2019 - Ch. Mohd. Sharief tariq Judicial Member For the Resolution Professional : R. Venkatakrishnan, in person For the Financial Creditor : V. V. Sivakumar for M/S. Dua Associates ORDER CH. MOHD. SHARIEF TARIQ (JUDICIAL MEMBER). - 1. This relates to M. A. No. 232 of 2019 filed in C. P. No. 472/IB/2017 under section 33 of the Insolvency and Bankruptcy Code, 2016 (in short the I and B Code, 2016) by the applicant, viz., resolution professional. 2. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red that the resolution professional as per regulation 36A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, had made newspaper publication inviting expression of interest ( EoI ) on October 6, 2018 in respect of the corporate debtor fixing December 20, 2018 as the last date for submitting the resolution plan(s). It is further averred that in response to the advertisement, 25 resolution applicants expressed their interest, and out of which, eight applicants had fulfilled the eligibility criteria. 6. The resolution professional has stated that out of the said 8 prospective resolution applicants, only three had submitted their resolution plans including the resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the CoC held on February 7, 2019 the suspended director was unable to present any binding proposal before the CoC and briefed the members that he has now initiated discussions with another firm, viz., M/s. Giriguja Publications P. Ltd., for funding the settlement process and due to paucity of time, they were unable to remit the minimum amount of ₹ 7 crores for pursuing the proposal for settlement. It was confirmed that the monies would be made available to the promoter for remittance before February 8, 2019 to the designated no lien account to be maintained with the Indian Bank. The CoC informed the suspended director, viz., Mr. D. R. Balakrishna Raja that after the approval of the settlement process, if the balance amount of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he suspended director failed to deposit the minimum settlement amount, on February 19, 2019. 13. It is averred that in the eleventh meeting of the CoC held on February 19, 2019 the CoC had reiterated that it had given three opportunities and the suspended director, viz., Mr. D. R. Balakrishna Raja brought three different parties for the purpose of funding the settlement process and none of the plans submitted by him fructified in any firm proposal for settlement. 14. It is stated that the resolution professional has not received any viable and feasible resolution plan from the resolution applicants in respect of the corporate debtor and therefore, the CoC has decided to recommend for liquidation of the corporate debtor. 15. As a re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.10% 16. Accordingly, the resolution professional has filed the instant M. A. No. 232 of 2019 in C. P. No. 472/IB/2017 for seeking order for liquidation of the corporate debtor, viz., M/s. BKR Hotels and Resorts P. Ltd. Since, no resolution plan has been received by this Authority under sub-section (6) of section 30 of the I and B Code, 2016, before the expiry of the maximum period of CIR process, the corporate debtor has to be ordered for liquidation. ORDER 17. In view of the facts and circumstances recorded by resolution professional in M. A. No. 232 of 2019 filed in C. P. No. 472/IB/2017 and in exercise of the powers conferred under sub-clauses (i), (ii) and (iii) of clause (a) of sub-section (1) of sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y 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. R.Venkatakrishnan. (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 as specified under regulation 4 of the Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (X) Copy of this order shall be sent to the concerned Registrar of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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