9911796707
TMI Blog2020 (10) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... referred as the "Code") for passing an order OF liquidation of the corporate debtor, UTM Engineering Private limited. 2. The facts in brief are that the Operational Creditor, Argentium International Private limited had filed an application bearing no. IB-248 (ND)/2018 under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP), against the Corporate Debtor, UTM Engineering Private Limited. The insolvency application was admitted by this Tribunal vide order dated 17.10.2019 and Mr. Rajesh Jangra was appointed as Interim Resolution Professional (IRP). 3. The RP under Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty criteria. Also, a 3rd EOI was received on 1st Feb 2020 i.e. after due date. Hence no prospective resolution applicants could be considered eligible. In view of the same, fresh revised FORM G with extended timelines for submission of expression of interest was decided to be published. The copies of Form-G as published on 19.02.2020 in newspapers namely Jansatta (Hindi) & Financial Express (English) with the last date for submission of EOI being 06.04.2020 have been annexed. 7. The applicant submits that the valuer appointed by the applicant have not been able to complete valuation due to lack of information regarding fair value and liquidation value from the suspended board of director. Hence the applicant filed an application under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under: a) Revised last date of submission of resolution plan as 14.06.2020. b) Revised last date of expiry of CIRP period as 22.06.2020. 11. The applicant further states the applicant apprised the COC that the prospective Resolution Applicants, have requested for extension of time for submission of the Resolution Plan in view of the Covid-19 pandemic. The applicant further apprised the COC that the CIRP period shall come to an end on 22.06.2020, and if COC decided for extension for submission of Resolution Plan, an application before the adjudicating authority is required to be filed. The resolution put up for e- voting in the 10th meeting for extension of CIRP period for 90 days beyond 180 days before and a resolution seeking con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of IBC, 2016. 15. Considering the documents and submission made, since the COC in its commercial wisdom has decided not to seek extension of CIRP period but to take the corporate 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. The RP, being the applicant has not given consent to act as Liquidator and COC have proposed the name of Mr. Kanti Mohan Rastogi to be appointed as the liquidator, who has filed consent to act as liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
