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TMI Blog2019 (6) TMI 1518X X X X Extracts X X X X X X X X Extracts X X X X ..... S. Shivaswamy, Resolution Professional of Ws. Le Ecosystem Technology IndiaPrivate Limitedunder Section 33(2) of the Insolvency and Bankruptcy Code, 2016 with a prayer for acceptance and approval of the resolution passed for initiation of the Liquidation Process which was approved by the Committee of Creditors at their meeting held on 29th May 2019. The other application, I.A. No.267 of 2019 is filed by Mr. Shivaswamy, Resolution Professional of M/S. Le Ecosystem Technology IndiaPrivate Limited under Section 34 of the Insolvency and Bankruptcy Code, 2016 with a prayer for appointment of Liquidator for initiation of the Liquidation Process. 2. On perusal of the Application, it is noticed that Concentrix Daksh Services India Private Limited, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Creditors held on 27.02.2019, it was decide& to take the matter forward for resolution or liquidation. The Resolution Professional had also circulated the copy of Information Memorandum as per Section 29 of the Insolvency and Bankruptcy Code, 2016 to the interested Members against their undertaking of confidentiality. Considering the defunct status of the company and non-availability of any kind of tangible assets or its existence in the form of office premises, furniture, records or any responsible official resulting in complete erosion of its net worth many times over, the members felt that possibility of revival of company was nil and issue of Form G was also dispensed with. 5. It is stated that the members unanimously decided that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000/- to Rs. 16,00,000/- and that in the event of the refund of excess Income Tax paid materialising, the audit for Financial years 2017-18 and 2018-19 can be completed. The Committee of Creditors noted the illiquid position of the Corporate Debtors but remained reluctant to raise the interim finance to meet the resolution cost and advised the Resolution Professional to follow up with the Income tax and other statutory authorities for recovery of refund. 7. This Tribunal on 22.02.2019 rejected IA No. 140/2019 filed by the Resolution Professional seeking for directions to Committee of Creditors to raise interim finance and allowed IA No. 141/2019 directing the Commissioner of Income Tax to expedite the process of refund to the Respondent in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eting of the Committee of Creditors, a Taiwan based creditor holding 76.32% voting share voted against the motion for agenda item No.5 and 6 which related to the fees of Liquidator and approval of resolution process cost.lt is stated that company officials at Taiwan are seemingly not well versed with IBC, 2016 and are unable to communicate properly. It is further stated that the reasons for refusal of approval of agenda item No.5 and 6 were not given by the said creditor. The disposal of CA430(PB)/2019 in the matter of Reliance Commercial Finance Ltd. v. Noble Resourcing Business and Solutions Pvt. Ltd[CP(IB) No. 494(PB)/2017]of the Principal Bench of the NCLT has been relied upon for the payment of the Resolution process cost and fees of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onics is neither well versed with the proceedings of the Tribunal nor are they abreast with the IBC, 2016. It is also pertinent to note that no reasons whatsoever were assigned for the refusal of appointment of RP as Liquidator. The negative approach of was Compal Electronics from the very beginning has disturbed the proceedings. e. Section 34(1) and (4) of the IBC, 2016 have been cited to support the statement that the RP who is aware of the antecedents and precedents of the Corporate Debtor is the right person to be appointed as the Liquidator. 12. Heard Mr. S. Shivaswamy, Resolution Professional, and carefully perused all the pleadings and also extant provisions of IBC, 2016 and Rules made thereunder. We have perused the praying for a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor are directed to extend all cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. iv. No suit or other legal proceedings shall be instituted by or against the corporate debtor as provide under Section 33(5) of the Code. However, it would not apply to any other legal proceedings relating to such transaction as may be notified by the Central Government. v. The Liquidator shall discharge all the functions pursuant to the powers and duties conferred under Section 35 of the Code and other relevant provisions of the Insolvency and Bankruptcy Code, 2016. vi. The fees of the Liquidator shall be proportionate to the liquidation estate assets as per Section 34(8) of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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