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TMI Blog2020 (10) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... ate debtor in liquidation and explore the possibility of it being sold as going concern, we are of opinion that the decision of COC should not be interfered. The present application seeking liquidation of the corporate debtor, UTM Engineering Private Limited, in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 is allowed. Application admitted. - IA No. 2507/(ND)/2020 Company Petition No. (IB) 248/(ND)/2019 - - - Dated:- 15-10-2020 - DR. DEEPTI MUKESH HON BLE MEMBER (JUDICIAL) And MS. SUMITA PURKAYASTHA HON BLE MEMBER (TECHNICAL) For the COC --- For RP - Mr. Abhishek Anand, Adv. Mr. Viren Sharma, Adv ORDER PER-DR.DEEPTI MUKESH 1. This is an application filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... new financial creditor. 5. Further the applicant submits that in the 5th meeting the applicant and members of COC prepared and information Memorandum and deliberated upon draft EOI for inviting prospective resolution applicants for submission of resolution plan and eligibility criteria as prepared by the RP. Thereafter, the COC resolved that Invitation for Expression of Interest, to be published in FORM G. The same was published in Financial Express, English edition and Jansatta Hindi Edition on 11.01.2020 with last date of submission being 27.01.2020. 6. The applicant submits that pursuant to Invitation of EOI, interests from 2 prospective resolution applicants had been received and neither of the two could be considered eligible pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t finance Pvt. Ltd. in support of its claim and pursuant to Invitation of EOI, expression of Interest from 3 prospective resolution applicants had been received. 10. The applicant submits that after verification, the claim of M/s SREI Equipment finance Pvt. Ltd. has been admitted. Accordingly, the applicant again reconstituted the COC and the new COC comprised of three financial creditors. The applicant further apprised the COC that as per Form -G dated 19.02.2020 the last date for receipt of resolution plan was fixed for 06.04.2020 and the last date for closure of CIRP was 14.04.2020. However, due to the imposition of nationwide lockdown, the IBBI vide notification dated 29.03.2020 inserted Regulation 40C. The Hon ble NCLAT Suo Moto pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Corporate debtor. Therefore, it will be in the best interest of the stakeholders to explore the possibility of selling the corporate debtor as a going concern. Accordingly, with a 99.28% voting share the said resolution was approved as: RESOLVED THAT the consent of the members of Committee of Creditors is hereby accorded for sale of Corporate Debtor as a going concern in accordance with the provisions of Regulation 39C of IBBI (Insolvency Regulation Process for Corporate Persons) Regulation 2016. 14. The applicant appraised the COC, that since the COC had not approved extension of CIRP time, therefore no fresh invitation for EOI or extension can be given to Prospective Resolution Applicants. Further appraised that the CIRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; b) The liquidator to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant rules and regulations. c) The liquidator to follow up and continue to investigate the financial affairs of the Corporate Debtor to determine any undervalued and preferential transactions etc. d) This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016. e) The Liquidator to submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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