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TMI Blog2019 (9) TMI 1435X X X X Extracts X X X X X X X X Extracts X X X X ..... anner seem to have arranged the affairs and assets of the CD in such a manner so as to secrete away the assets from the grasp and benefit of the general body of creditors which this Tribunal cannot permit and the provisions of IBC being misused more particularly when the Petition has been filed under Section 10 of IBC by the CD itself emphasized at the cost of repetition. However, in this connection we are not coming to any conclusion unless a detailed enquiry is con ducted in relation to these Applications. At the same time, it will not detract this Tribunal from initiating the process of liquidation of the CD, as these Applications can survive even after the order of liquidation, as may be passed by this Tribunal and as envisaged under the provisions of IBC. In the circumstances, all the above pending Applications shall survive this order of liquidation and continue to be proceeded with by this Tribunal and the liquidator named herein will be required to diligently proceed with these Applications in order to attain finality and conclusion. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 15.9.2018. In the fourth meeting of CoC held on 25.9.2018, it is stated that in view of the fast approaching expiry of CIRP period, resolution plan as was required, if any, based on the existing time line for completion of CIRP, an Application was moved in CA-304/C-III/ND/2018 which was allowed by this Tribunal extending the completion of CIRP upto 16.2.2019 as contemplated under Section 12 of IBC. In the meanwhile, Expression of Interest (EoI) in Form-G was published on 29.9.2018 and with a view to get maximum resolution applicants and thereby to maximize the value of the CD, period was extended from time to time based on the approval of CoC to 15.1.2019. The final list of eligible resolution applicants was published on 18.1.2019 wherein two resolution applications were finalized and two resolution plans were also received by the CoC. Since one of the resolution applicants namely M/s. Tomorrow Sales Agency Pvt. Ltd. had withdrawn the plan before it could be placed, the same was not voted upon by the CoC. In relation to the remaining, namely, the sole resolution plan which stood up for scrutiny before the CoC for its consideration was, however, rejected by the CoC on 12.2.2019 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y inclusion of India Bulls Housing Finance Ltd. with a corresponding change in the voting share of the existing two Members, In the said meeting, it is also evident the appointment of IRP as the RP was dissented by 93.73% voting by the CoC and that Mr. Satish Kumar Mathur was proposed to be appointed as the RP. In relation to the appointment of the Forensic Auditor, despite considering 3 names, no voting took place. 8. From the third meeting of the CoC held on 27.8.2018, it is seen that appointment of Forensic Auditor/Transaction Auditor has been objected to and it is seen from the minutes that no conclusion had been reached in relation to the appointment of Forensic Auditor. In the fourth CoC meeting held on 25.9.2018, the appointment of Shri Satish Kumar Mathur the above said RP and the applicant herein has been taken note of and also steps taken by the RP to keep the CD as a going concern and also in relation to the appointment of 2 registered valuers to determine the liquidation value and fair value of the CD. It is also evident from the minutes of the fourth CoC meeting held on 25.9.2018 that one M/s. S.P.Chopra Co. was confirmed as the Forensic Auditor/Transaction Audito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to resolve the insolvency of the CD and despite efforts, the same has not fructified and in the circumstances, this Application has been filed by the RP seeking for the liquidation of the CD. 11. Be that as it may, it is required to note that this Petition has been initiated by the CD itself under Section 10 of IBC, 2016 and IRP proposal made by CD itself, However, it is also brought to the notice of this Tribunal by way of the minutes of the 4th CoC meeting held on 25.09.2018, that the IRP proposed by the CD and appointed had not acted as required of him under IBC and CIRP Regulations as framed by Insolvency and Bankruptcy Board of India (IBBI) which had resulted in an impasse being created even after the expiry of more than 130 days as in the meanwhile even EOI was not called for. In the circumstances, this Tribunal was compelled to pass an order dated 24.10.2018 in relation to the conduct of the said IRP and the said order to be communicated to IBBI for taking necessary action against him. Further, various Applications in CA.No.327/C-III/ND/2019, CA. 9/2019, CA/10/2019 and Application filed in relation to fraudulent sale of immovable property which have been filed by the RP a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial figures as made available before this Tribunal and as can be culled out from the records and which as per the commercial decision of the CoC is also not feasible. 12. Taking into consideration all the above aspects and as the resolution plan seems to also have been rejected by the CoC based on commercial decisions, which according to the decision of Hon'ble Supreme Court in the matter of K. Sashidhar vs. Indian Overseas Bank Ors. (Civil Appeal No.10673 of 2018) is also final and also taking into consideration the provisions of IBC this Tribunal is hence constrained to order for the liquidation of the CD. 13. Mr, S.K.Mathur, the present RP is hereby appointed as the Liquidator in view of the CoC proposing his name as the Liquidator and also in view of his consent having been furnished to act as such to carry forward the liquidation of the CD henceforth. Liquidator appointed shall strictly act in accordance with the provisions of IBC and the attendant Rules and regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as enjoined upon him. a. The Liquidator appointed herein shall issue the public announcement that the CD is in liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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