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TMI Blog2020 (2) TMI 1329X X X X Extracts X X X X X X X X Extracts X X X X ..... 15.07.2019 vide Order which is at Annexure A-2 against Quantum Coal Energy Pvt. Ltd. - Corporate Debtor. The IRP was appointed. IRP gave public announcement on 20th July, 2019 and first COC (Committee of Creditors) meeting was held on 13th August, 2019. The Affidavit of the RP - now Liquidator (Diary No. 19066) shows in the first meeting, IRP was confirmed as RP and on that date itself, the COC decided that the Corporate Debtor is only a trading business and there is no possibility of making Corporate Debtor a going concern and resolved to liquidate the Corporate Debtor rather than going for resolution. Counsel for the Appellant states that this was not correct as the Corporate Debtor in the earlier year, had turnover of Rs. 19 Crores. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Creditor - ICICI Bank and the Appellant has already settled the dues of ICICI Bank. It is stated that there were claims received from four Operational Creditors out of which, one was Operational Creditor who had moved Application under Section 9 namely, ENP IMPEX Pvt. Ltd. The learned Counsel has referred to the Affidavit filed by the original Operational Creditor - ENP IMPEX Pvt. Ltd. through Director - Mr. Rajesh Khetan which is Annexure A-27 (Diary No. 18363) to submit that dues of ENP IMPEX have been already settled. It is stated that the settled Operational Creditor has already filed Form FA (Page 11 Diary No. 18363). 5. Learned Counsel for the Appellant submits that there were three more Operational Creditors namely, Carbon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for RP/Liquidator states that the dues of the RP/Liquidator have already been settled by the Appellant. 9.(A) For the above reasons, we set aside the Impugned Order of liquidation and the earlier proceedings of CIRP initiated on admission of Application under Section 9 of IBC, exercising powers under Rule 11 of NCLAT Rules, 2016. (B) The Corporate Debtor is released from the rigour of law and is allowed to functionindependently through its Board of Directors. The Liquidator will hand back the records and management of the affairs of the Corporate Debtor, to the Board of Directors. (C) The Corporate Debtor will ensure compliance of Annexure A-24, Annexure A-25 andAnnexure A-26, the consent letters taken from (1) Carbone International ..... X X X X Extracts X X X X X X X X Extracts X X X X
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