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TMI Blog2020 (10) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... he Code) seeking orders for liquidation of the Corporate Debtor. 2. This Bench by an order dated 28.06.2019 admitted the Petition (CP IB No. 4488/MB/2018) under Section 7 of the Code initiating Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor and appointed the Applicant herein as the Interim Resolution Professional (IRP). The IRP constituted Committee of Creditors (CoC) on 01.08.2019 and in 2nd CoC meeting held on 26.08.2019, the Applicant was confirmed as Resolution Professional (RP) of the Corporate Debtor. 3. It is submitted that the CoC in the Meeting held on 11.10.2019 resolved to seek for Extension of CIRP by 90 Days and accordingly MA No. 3677 of 2019 was filed before this Tribunal, and the same was allowed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) rejects the resolution plan under section 31 for the noncompliance of the requirements specified therein, it shall (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. (2) --------- --------" 8. The Applicant further submits that the CoC passed a resolution with majority of not less than 66% of voting share, appointing Mr Bhavesh Rathod as the Liquidator of the Corporate Debtor and the remuneration payable to him is as per Regulation 4 of the IBBI (Liquidation Process Regulation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 46. We find that the 'Resolution Plan ' submitted by 'JSW Steel' has been approved by the 'Committee of Creditors' with 97.12% voting shares and voters having 2.88% voting shares remained absent. If some members of the 'Committee of Creditors' having 2.88% voting shares remained absent, it cannot be held that they have considered the feasibility and viability and other requirements as specified by the Board, therefore, their shares should not have been counted for the purpose of counting the voting shares of the 'Committee of Creditors'. In fact, 97.12% voting shares of members being present in the meeting of the 'Committee of Creditors' and all of them have casted vote in favour of ' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntage of voting or not, based on the mandate of Section 33(1)(a), since no Resolution Plan was received within CIRP period and also considering the fact that 270 days of CIRP period are over, this Bench hereby orders the liquidation of the Corporate Debtor. 13. Mr Bhavesh Rathod, Insolvency Professional, has given his consent to act as a Liquidator of the Corporate Debtor. ORDER The application be and the same is allowed. The Corporate Debtor, Ashapura Intimates Fashion Limited, shall be liquidated in the manner as laid down in Chapter-III of the Code with the following consequential directions: a) Mr Bhavesh Rathod having Registration No. IBBI/IPA- 001/IPP01200/2018-19/11910 is appointed as Liquidator. b) The Liquidator shall issue pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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