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TMI Blog2021 (6) TMI 200X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by 96.70% voting share to liquidate the Corporate Debtor. In the present case, the RP wanted to continue as the liquidator. RP has given his consent which is annexed to the application at Annexure G. Section 34 of the Code does not envisage any role for the CoC in appointment of the Liquidator - This is a case where two Resolution Plans were received but neither of them approved by the CoC and the period of CIRP has expired on 13.02.2021. Application allowed. - IA No. 217/KB/2021 in CP (IB) No. 1348/KB/2019 - - - Dated:- 28-5-2021 - Rajasekhar V.K., Member (J) And Harish Chander Suri, Member (T) For the Appellant : Rahul Parasrampuria, Pr. CA For the Respondents : Anil Anchalia, Resolution Professional ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Professional (RP) in place of Mr. Mahesh Chand Gupta, IRP. This Adjudicating Authority confirmed the appointment of Mr. Anil Anchalia as the RP vide its order dated 29.07.2020. 6. Invitation for Expression of Interest (EoI) was published by the IRP in Form 'G' on 01/07/2020 in Business Standard and Aajkaal and again by the RP on 24/08/2020 in Business Standard and Ekdin fixing the last date for receipt of EoI as 08.09.2020. Copies of said publications are annexed to the application and marked as Annexure -C. 7. Pursuant to EOI publications, seven EoIs were received and the last date of submission of the Resolution Plan was 19.10.2020. Out of seven EoIs only one Resolution Plan was received by the RP and i.e. from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor and further proposed the name of Ms. Rachna Jhunjhunwala, Insolvency Professional to be appointed as Liquidator of the Corporate Debtor. Consent letter of Ms. Rachna Jhunjhunwala was also placed in the meeting. Consent letter of Ms. Rachna Jhunjhunwala is annexed to the application at Annexure H. In the meeting the RP informed the CoC that in accordance with the provisions of Section 34 of the Code, where the Adjudicating Authority passes an order for liquidation of the Corporate Debtor under Section 33, the RP appointed for the CIRP of the Corporate Debtor under Chapter II shall, subject to submission of a written consent by the RP to the Adjudicating Authority in specified form, shall act as the Liquidator for the purposes of liqui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating Authority shall appoint the RP as the Liquidator. The only procedure under the Code for appointment of a Liquidator in an application filed under section 33 of the Code is this, that the RP shall be appointed as the liquidator unless replaced by the Adjudicating Authority under section 34(4), subject to his/her consent to act as such liquidator. 17. In the present case, the RP wanted to continue as the liquidator. RP has given his consent which is annexed to the application at Annexure G. Section 34 of the Code does not envisage any role for the CoC in appointment of the Liquidator. 18. This is a case where two Resolution Plans were received but neither of them approved by the CoC and the period of CIRP has expired on 13.02.2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aged under Chapter-III of the Code and the Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. e. Public Notice shall be issued once in Business Standard in English and once in Aajkaal (Bengali) stating that the Corporate Debtor is in liquidation. f. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liquidation. g. The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. h. On initiation of the liquidation process but subjec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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