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TMI Blog2021 (5) TMI 641X X X X Extracts X X X X X X X X Extracts X X X X ..... g share, to liquidate the Corporate Debtor. In the present case, the CoC has resolved by 99.99% voting share to liquidate the Corporate Debtor. The Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Code read with Sub-section (1) thereof - Application allowed. - IA No. 122/KB/2021 in CP (IB) No. 185/KB/2018 - - - Dated:- 18-3-2021 - Rajasekhar V.K., Member (J) And Harish Chander Suri, Member (T) For the Appellant : Shaunak Mitra and Avik Chaudhuri, Advocates ORDER Harish Chander Suri, Member (T) 1. This is an application under Section 33 of the Insolvency Bankruptcy Code, 2016, filed by the Resolution professional upon the instructions of the Committee of Creditors (CoC) seeking liquidati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... embers of the CoC and of the suspended Board of Directors. Thereafter, on 25.03.2020, lockdown was implemented by the Central and State Governments owing to the Covid-19 pandemic. 6. At the third meeting of the CoC held on 10th July, 2020, the resolution professional kept the committee informed that in view of the disruption in normal activity due to Covid 19, the auction proposed for selling the stocks and the action to recover the debtors could not be undertaken and in view of the existing circumstances of Covid 19 fall out, he does not intend to pursue the matter and proposes to concentrate on calling for resolution plan and finalizing the same. The draft of RFRP and the evaluation Matrix was placed before the committee and it was hig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s the tying up funds was not finalized he could not submit the resolution plan and requires time till 6th October, 2020 to submit the resolution plan. The representative of WBFC pointed out that opportunities were given to the Corporate Debtor to submit the resolution plan even after 7th September as requested by him but the results appear to be that the corporate debtor is only buying time and no further extension could be provided and it is better that further steps as envisaged in IBC is taken without any further delay. 9. In the eighth meeting of the CoC held on 1st December, 2020, it was decided that the Adjudicating Authority be requested to pass the order of liquidation in view of rejection of the resolution plan under section 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code, subject, however, to his possessing a valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2019. c. The Liquidator shall initiate liquidation process as envisaged under Chapter-III of the Code and the Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. d. Public Notice shall be issued in the same newspapers in which advertisements were issued earlier, stating that the Corporate Debtor is in liquidation. e. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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