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TMI Blog2021 (3) TMI 468X X X X Extracts X X X X X X X X Extracts X X X X ..... on with immediate effect under Section 33(1) of IBC, 2016 - the Corporate Debtor be liquidated in the manner as laid down in Chapter III by issuing a Public Notice stating that the Corporate Debtor is in liquidation. It is also directed that the Applicant shall send this order to ROC under which this Company has been registered - application disposed off. - I.A.(IBC) No. 18/KOB/2021 In TIBA/14/KOB/2019 - - - Dated:- 5-3-2021 - HON BLE MR. ASHOK KUMAR BORAH , MEMBER ( JUDICIAL ) For the Applicant : Mr. Vinod P.V, Advocate Along with Resolution Professional ORDER 1. This Interlocutory Application has been filed under Section 33(1) of IBC, 2016 by Mr.Sasitharan Ramaswamy, Resolution Professional in the matter of M/s. India Te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the prospective Resolution Applicants and Evaluation Matrix were approved in the meeting. Under Regulation 36 A (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 invitation for Expression of Interest (Form G) was published on 24.01.2020 in Indian Express (Kochi Edition) and Kerala Kaumudi (Kochi Edition) inviting Expression of Interest from prospective Resolution Applicants and the last date for submission of Expression of Interest was fixed on 08.02.2020. On 12.02.2020 an e-mail was received from Mr. N.V. George, Chairman and Managing Director, Geo Group of Companies, Sharjah expressing interest in submitting a proposal. The Applicant forwarded the Expression of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs held on 02.03.2020 since no Resolution Plan was received during the CIR process, a Resolution was proposed to liquidate the Corporate Debtor. However, the same could not be approved by the Committee of Creditors. In the ninth Committee of Creditors meeting held on 30.11.2020, Mr. Sathish Kolhapure representing Standard Chartered Bank (17.80% Voting Share) expressed his view that, 15 days extension of time can be granted if a Prospective Resolution Applicant can come forward and settle the due of all Creditors. Mr. Rajesh Kumar B. Ved, AGM, representing Central Bank of India (64.75% voting share) informed that, their Bank is not in favour of giving any further extension. None of the other Creditors in the Committee of Creditors expressed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dation cost and resolved further that the contribution shall be deposited in an escrow account to be opened with the Central Bank of India, within 7 day of liquidation order. (h) Resolved by the Committee of Creditors to recommend and direct the Liquidator to explore the selling of the Corporate Debtor as a going concern in pursuance of the Regulation 39(C) of IBBI (Liquidation) Regulations, 2016 and further resolved all assets of the Corporate Debtor should be considered to be sold as a going concern. 6. Hence, the Applicant has filed this IA with the aforesaid prayers. 7. The consent of the Resolution Professional in Form 2 accepting appointment as the Liquidator of the Corporate Debtor has been produced. 8. This Tribunal hear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duly filled in consent form to act as Liquidator for approval of the Committee of Creditors. 9. Being satisfied with the conditions enshrined in the CIRP Regulations, this Tribunal pass the following order: a) The Corporate Debtor M/s. India Techs Limited is hereby put under liquidation with immediate effect under Section 33(1) of IBC, 2016. b) The Resolution Professional Shri. Sasitharan Ramaswamy, [email protected], Reg.No.IBBI/IPA-002/IP-N00519/2017-18/11678, T. C. 55/33, Sarayu, Chirakkara Temple Road, Kaimanam, Pappanamcode P.O., Thiruvananthapuram, Kerala- 695 018. is hereby appointed as Liquidator of the Corporate Debtor under Section 34 of IBC, 2016. c) That the Corporate Debtor be liquidated in the manner as la ..... X X X X Extracts X X X X X X X X Extracts X X X X
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