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TMI Blog2020 (5) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... explore the sale of the corporate debtor as a going concern in accordance with the Regulation 39 C. It is also stated in the minutes of the 6th meeting of CoC that since the corporate debtor is not a going concern, the sale of assets of corporate debtor shall be in accordance with clause (a) to (d) of the Regulation 32 and was approved by the CoC - thus, he Bench is satisfied that the Corporate Debtor Company is required to be liquidated and accordingly, it is ordered that the Corporate Debtor shall be liquidated. Application allowed. - CA NO. 940 OF 2019, CP (IB) NO. 136/CHD/PB/2018 - - - Dated:- 13-12-2019 - Ajay Kumar Vatsavayi, Judicial Member G.S. Sarin, Practising Co. Secretary for the Applicant. ORDER 1. The instant application is filed under section 33 (1) (a) of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional (RP), praying, inter alia, for an order that M/s. Oswal Spinning Weaving Mills Limited (Corporate Debtor) be liquidated in the manner provided under the Insolvency and Bankruptcy Code, 2016 (Code). 2. It is stated that vide order dated 30-10-2018, the Adjudicating Authority admitted the petition under section 7 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 's fee for the first three months and thereafter in accordance with the Regulation 4 and the Liquidator's fee for the period used for sale under clause (a) and (d) of Regulation 32 of the (Liquidation Process) Regulations, 2016 as well as the were approved. 7. It is further stated that the CoC recommended with 100% vote share that the Liquidator may first explore the sale of the corporate debtor as a going concern under clause (e) of Regulation 32 of the (Liquidation Process) Regulations, 2016. 8. It is stated that during the 6th meeting of the CoC, it was also decided to propose the name of Shri Hemanshu Jetley, Insolvency Professional (IBBI Registration No. IBBI/IPA-001/IP-P00219/2017-18/10457) as Liquidator. 9. It is prayed that an order be passed requiring the corporate debtor to be liquidated in the manner as laid down in Chapter III of the Code; public announcement be issued stating that the corporate debtor is under liquidation; an order be passed requiring sending the liquidation order to the authority with whom the corporate debtor is registered. 10. I have heard the learned counsel for the applicant and considered the arguments and have also carefully ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt by the RP to the Adjudicating Authority in specified form shall act as Liquidator for the purpose of liquidation unless replaced by the Adjudicating Authority under section 34 (4) of the Code. 15. RP Shri Hemanshu Jetley has submitted his written consent to act as a Liquidator and the same is part of the record. . 16. Sub-section (7) of section 34 of the Code says that the Adjudicating Authority shall, on receipt of the proposal of the Board for the appointment of an insolvency professional as liquidator, by an order appoint such insolvency professional as liquidator. 17. The Law Research Associate of this Tribunal has checked the credentials of Mr. Hemanshu Jetley and there is nothing adverse against him. In view of the above, we appoint Mr. Hemanshu Jetley, Registration No. IBBI/IPA-001/IP-P00219/2017-18/10457, S.C.O. 131, 2nd Floor, MDC, Sector 5, Panchkula, Mobile No. 9041700000 E-mail i.d. [email protected], as the Liquidator. 18. Regulations 39B, 39C and 39D in the CIRP Regulations, 2016 have been inserted by Notification No. IBBI/2019-20/GN/REG/048 dated 25-7-2019. These regulations are as follows:- 39B. Meeting liquidation cost. (1) While approving a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the liquidator While approving a resolution plan under section 30 or deciding to liquidate the corporate debtor under section 33, the committee may, in consultation with the resolution professional, fix the fee payable to the liquidator, if an order for liquidation is passed under section 33, for - (a) the period, if any, used for compromise or arrangement under section 230 of the Companies Act, 2013; (b) the period, if any, used for sale under clauses (e) and (f) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; and (c) the balance period of liquidation. 19. As discussed above, the RP has stated that the Liquidator's fee in terms of Regulation 39 D of the CIRP Regulations, 2016 has been approved by the CoC. Further, the CoC has also recommended that the Liquidator may first explore the sale of the corporate debtor as a going concern in accordance with the Regulation 39 C. It is also stated in the minutes of the 6th meeting of CoC that since the corporate debtor is not a going concern, the sale of assets of corporate debtor shall be in accordance with clause (a) to (d) of the Regulation 32 and was approv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al. 22. The Liquidator shall publish public announcement in accordance with Regulation 12 of the 2016 Regulations and in Form B of Schedule II of these Regulations within five days from receipt of this order calling upon the stake holders to submit their claims as on liquidation commencement date and provide the last date for submission of claim which shall be 30 days from the liquidation commencement date. 23. It is further directed that the announcement shall be published in accordance with Regulation 12(3) as under: (a) In one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the liquidator, the corporate debtor conducts material business operations; (b) on the website, if any, of the corporate debtor; and (c) on the website, if any, designated by the Board for this purpose. 24. In accordance with Regulation 13 of the 2016 Regulations, the Liquidator shall file his preliminary report within 75 days and to file regular progress reports as per Rule 15 of the 2016 Regulations every fortnightly thereafter. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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