9911796707
TMI Blog2019 (12) TMI 1369X X X X Extracts X X X X X X X X Extracts X X X X ..... d - Since there was no invitation for Expression of Interest was issued, the CoC based on commercial considerations has decided to liquidate the Corporate Debtor. Taking into consideration the provisions of Section 33 of IBC, 2016 and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan -Vs- Indian Overseas Bank [ 2019 (2) TMI 1043 - SUPREME COURT ] this Tribunal orders for the liquidation of the Corporate Debtor. Application allowed. - MA/886/2019 in CP/1381/IB/2018 and MA/563/2019 in CP/1381/IB/2018 - - - Dated:- 20-12-2019 - R. Varadharajan, Member (J) and Anil Kumar B., Member (T) For the Appellant : S. Sathiyanarayanan, D. Adeesh Giri and Arun Mohan, Advocates For the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore this Tribunal and the suspended directors have failed to furnish required documents, books of accounts and statutory register in spite of the best efforts of the Applicant. It was further averred in the Application that on enquiry, it was found that the suspended director has diverted all the businesses to an entity owned by his relative and as a result there were no business operations. 3. The Ld. Counsel for the Applicant submitted that the First CoC meeting was conducted on 25.03.2019 and one Mr. Ravi, the suspended director of the Corporate Debtor confirmed that the Corporate Debtor is not active and that there is no activity as on date and there are no assets available and the suspended director has abandoned the activity in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal. The suspended director has submitted that he is willing to settle the entire dues of the Bank of India, who constitute more than 90% of the total value of credit. However, this Tribunal has granted ample time to the suspended director to settle of its dues to the Financial Creditor and then approach this Tribunal by filing an application under Section 12A of the IBC, 2016, but it never fructified. 6. Since there was no invitation for Expression of Interest was issued, the CoC based on commercial considerations has decided to liquidate the Corporate Debtor. Taking into consideration the provisions of Section 33 of IBC, 2016 and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan -Vs- Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
