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TMI Blog2021 (1) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... tor" to carry out Liquidation Process for the Corporate Debtor" 2. In Section 9 application filed by the Operational Creditor against the Corporate Debtor viz., Ra-Ni Precast Private Limited, this Tribunal vide order dated 05.04.2019 initiated the Corporate Insolvency Resolution Process (CIRP) in relation to the Corporate Debtor and appointed the Applicant herein as Interim Resolution Professional (IRP). 3. It is averred in the application that pursuant to the Applicant being appointed as IRP, he caused Public Notice in Form-A on 13.04.2019 for submission of the claims by the stakeholders in the newspapers viz., BUSINESS STANDARD - English Edition and MAKKAL KURAL - Tamil Edition. Thereafter, the IRP has also filed the list ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be undertaken and as such the Information Memorandum could not be prepared. The applicant submitted that due to the non-cooperation on the part of the erstwhile Directors of the Corporate Debtor, the applicant filed MA No.590/2019 before this Tribunal and this Tribunal vide its order dated 11.07.2019 directed the shareholders and the Managing Director to extend assistance and cooperation to the applicant by providing all relevant information of the Corporate Debtor including the Debtors Ledger, Books of Accounts, Financial details etc., However, it is stated that the shareholders have failed to comply with the said orders. 6. The applicant submitted that he has filed an application under section 66 of IBC 2016 for the reversion of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for a further period of 150 days and accordingly the applicant herein has filed an application MA/ 1051/2019 before this Tribunal and this Tribunal vide order dated 03.10.2019 extended the CIRP in relation to the Corporate Debtor for a further period of 150 days with effect from 01.10.2019. 9. It is stated in the application that in the 5th CoC Meeting held on 03.01.2020, the applicant discussed about filing of an application under section 424 of the Companies Act, 2013 seeking for protection of document from all major sundry debtors of the Corporate Debtor as a last resort to get the account reconciled. The CoC accepted the request of the applicant and accordingly the applicant filed MA/ 105/2020 before this Tribunal against M/s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor if he is being appointed by this Tribunal as the Liquidator of the Corporate Debtor and as such it has also been stated that no disciplinary proceedings is pending against the applicant by the IBBI or by any Insolvency Professional Agencies. The applicant has also placed on record the Authorisation For Assignment (AFA) issued by the Institute of Insolvency Professionals. 11. In so far as the Liquidation of the Corporate Debtor is concerned, from the facts narrated above, it is seen that this Tribunal vide order dated 04.03.2020 passed in IA/203/2020 has declined to extend the CIRP period beyond the 330 days. At this juncture, it is relevant to refer to Section 33(1)(a) of IBC, 2016, which is extracted hereunder; 33. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time the Resolution plan is considered this Tribunal should abstain from passing an order of Liquidation. However in the present case, it is to be noted that the 330 days period of CIRP has already expired and the CoC in its 6th meeting held on 27.02.2020 has unanimously resolved to liquidate the Corporate Debtor. Further, even during the Liquidation process, subject to Section 29A of the IBC, 2016 and as per Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016, a 90 day time period is provided to submit a Scheme as contemplated under Section 230 of the Companies Act, 2013, and if the Promoter / Director of the Corporate Debtor is otherwise found eligible can very well submit a Scheme for the revival of the Corporate Debtor 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation to other fiscal and regulatory authorities which governs the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation. f) The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. g) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter Ill of Part Il of the Insolvency and Bankruptcy Code, 2016. h) The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section - 35(1) of IBC, 2016 read with relevant rules ..... X X X X Extracts X X X X X X X X Extracts X X X X
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