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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 ..... are sufficient grounds to initiate Liquidation Process. Application disposed off. - I.A.N0.267/2019 And I.A. No. 268/2019 In CP (IB) No.148/BB/2017 - - - Dated:- 28-6-2019 - Hon'ble Shri Rajeswara Rao Vittanala, Member (Judicial) And Hon'ble Dr. Ashok Kumar Mishra, Member (Technical) For the Petitioner: Mr. Vishnu Vinayak C.R., Advocate For the Applicant: Mr. S. Shivaswamy, ORDER Hon'ble Dr. Ashok Kumar Mishra, Member (Technical) 1. There are two interim applications to be considered at hand. I.A. No.268 of 2019 is filed by Mr. 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n note of and he was appointed as Resolution Professional. In the First meeting of the Committee of Creditors that based on the public announcement claims were received from fourteen Operational Creditors and that there were no Financial Creditors. It was also observed in the report dated 02.02.2019 filed by the IRP that the parent company and promoter of the Corporate Debtor, M/S Le Eco Corp at Hong Kong is undergoing liquidation and that the Hong Kong based liquidators have acknowledged liabilities to the extent ofHK$25.5 million. 4. In the Second Meeting of the Committee 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance of ₹ 4,90,000/- (Rupees Four Lakhs Ninety Thousand only) in the Current Account of Le Ecosystem Technology IndiaPrivate Limited is insufficient to meet the entire insolvency process cost. Though the Company has filed refund claim of (Rupees Two Crores Twenty Lakhs only) in their income tax return for the Financial Year 16-17, the refund is yet to be released. The Company may also be eligible for refund of service tax paid, from the Commissioner of GST subject to compliance with the laid down statutory guidelines. It is estimated that the resolution cost is around ₹ 15,00,000/- to ₹ 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was defunct and there was NIL chances of revival. The eVoting was conducted on May 29, 2019 and thirteen of the top eighteen creditors, representing 88.27% voting share voted. Twelve voters representing 88.92% voting approved initiating the liquidation process. In view of the same, the Resolution Professional has approached this Tribunal for initiation of liquidation vide I.A. No.267 of 2019. 10. The IA No. 268 of 2019 has been filed seeking for the Resolution Professional to appointed as Liquidator under IBC, 2016. It is stated that during the eVoting on May 29, 2019 in pursuance to the third Meeting 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 wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or Corporate Persons. c. The IRP contacted the Creditors of the Corporate Debtor based on information provided by Ex-Director (Finance) and took custody of the Bank account. The claims received were scrutinised and compared with the provisional data for the Financial Year 2017-18 of company and constituted the Committee of Creditors. d. The Committee of Creditors have already resolved to initiate the liquidation process. The Committee of Creditors comprising majorly with M/S Compal Electronics, the Taiwanese company have not approved the appointment of RP as liquidator solely because ws Compal Electronics is neither well versed with the proceedings of the Tribunal nor are they abreast with the IBC, 2016. It is also pertinent to note t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P00411/201718/10727 and residing at RF4 Santara Magan Place-I Doddakammahalli, Hulimavu, Bangalore- 560076, email-id:[email protected] appointed as Liquidator in pursuant to Section 34 of the Insolvency and Bankruptcy Code, 2016 and he shall issue a public announcement stating that the corporate debtor is in liquidation and the order be sent to the authority with which the Corporate Debtor is registered. ii. All the powers of the Board of Directors, Key Managerial Personnel of the Corporate Debtor, as the case may be, shall cease to have effect and shall vest with the Liquidator. iii. The personnel of the Corporate Debtor are directed to extend all cooperation to the Liquidator as may be required by him in managing the affairs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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