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TMI Blog2020 (1) TMI 1403X X X X Extracts X X X X X X X X Extracts X X X X ..... argued that the CoC was ignorant about procedure and law. Otherwise also, the ignorance of law is no excuse, the arguments submitted by the counsel for the CoC seem to befar fetched and afterthought as the COC has taken decision to liquidate the Corporate Debtor on 19-6-2019 with 100% voting right. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Newgen Specialty Plastics Limited which shall be conducted in the manner as laid down in Chapter III of part II of the l B Code, 2016 - application allowed. - CA Nos. 452 And 962/C-III/ND/2019, CP (IB) No.1251/ND/2018 - - - Dated:- 6-1-2020 - Ch Mohd Sharief Tariq, Judicial Member And K.K. Vohra, Technical Member For the Applicant : Vaibhav Mahajan, Rajen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, it cannot be argued that the CoC was ignorant about procedure and law. Otherwise also, the ignorance of law is no excuse, the arguments submitted by the counsel for the CoC seem to befar fetched and afterthought as the COC has taken decision to liquidate the Corporate Debtor on 19-6-2019 with 100% voting right. Therefore, CA No. 962 stands dismissed in limine. 4. It is worthwhile to mention that CA No. 452 was heard by my predecessor with present Technical Member but it was not possible to find out any final order passed for liquidation of the CD. Consequently, we proceed to pass the order afresh to liquidate, the CD as follows: 1. This relates to CA-452/C-III/ND/2019 filed in IB/1251/ND/2018 by Mr. Anil Kumar (hereinafter re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (h) of the IBC, it was agreed that Form-G in the instant matter should be published in all India edition of a widely circulated newspaper, keeping in mind the pan-India nature of clientele of CD. It was further noted that in view of non-availability of working capital to run the CD, the RP put the proposal to raise Interim Finance before the COC, but it did not get approved. The RP received two Expression of Interest (EOI), i.e. one from Mr. V.K. Singh and Mr. S.K. Singh (directors of CD) M/s Air Touch Technologies Private Limited and after this no further EoI(s) were received by the applicant. 5. In 3rd meeting of the CoC, held on 16-4-2019, the sole resolution applicant i.e. consortium of directors of CD and M/s Air Touch Technologie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n was submitted till the extended period of time, the resolution for liquidation was passed unanimously through e-voting with 100% voting rights by the CoC, which is extracted below- Resolved that the appropriate application under section 33(1)(a) of the IBC, 2016 for initiation of Liquidation of Newgen speciality Plastics Limited, CD undergoing corporate insolvency resolution process be filed before the Hon'ble National Company Law Tribunal and its Resolution Professional, CA Anil Kumar having IBBI registration number IBBI Registration Number IBBI/IPA-001/IP-POO144/2017-2018/10308 be appointed as the liquidator for the company the Liquidator's fee as prescribed in the fee table under Regulation 4(3) of the IBBI (liquidation pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . This Authority makes it clear that Para (IV) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. VI. This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. VII. All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the Company Liquidator viz., Mr. Anil Kumar In addition to this, the Company Liquidator shall exercise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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