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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 ..... -10-2020 - Hon ble Janab Mohammed Ajmal, Member Judicial And Hon ble Shri V. Nallasenapathy, Member Technical For the Applicant : Mr Ayush Rajani (PCA) a/w Mr Kashyap Vaidya (Resolution Professional) i/b. AKR Advisors ORDER Per : V. Nallasenapathy, Member (Technical) 1. This is an application by the Resolution Professional, Mr. Kashyap Vaidya, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (the 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 Interi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provides as below: 33. Initiation of Liquidation- (1) Where the Adjudicating Authority, (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be counted for the purpose of counting the voting shares of the members of the 'Committee of Creditors'. Therefore, we hold that only the members of the 'Committee of Creditors' who attend the meeting directly or through Video Conferencing, can exercise its voting powers after considering the other requirements as may be specified by the Board. Those members of the 'Committee of Creditors' who are absent, their voting shares cannot be counted. 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 Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the respective corporate debtors, namely, KS PIPL and IIL, is deemed to have been rejected as it had failed to muster the approval of requisite threshold votes, of not less than 75% of voting share of the financial creditors. It is not possible to countenance any other construction or interpretation, which may run contrary to what has been noted herein before. 12. However, without going into the fact that whether the CoC passed the resolution with requisite percentage 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 Bhaves ..... X X X X Extracts X X X X X X X X Extracts X X X X
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