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TMI Blog2019 (7) TMI 1839X X X X Extracts X X X X X X X X Extracts X X X X ..... on. From the perusal of the Application as well as under the directions of this Tribunal, a Compliance Certificate approximating Form-H has been filed by the Resolution Professional and perusal of both the above brings to the notice of this Tribunal that Corporate Insolvency Resolution Process (CIR?) was initiated of the Corporate Debtor (CD) on 27.08.2018 and pursuant to the appointment there under of the Interim Resolution Professional (YR?) and publication of pubic announcement calling for the claims and that the constitution of the Committee of Creditors (COC) was done on 2.10.2018 by the [RP. Subsequent to the constitution of the COC, two financial creditor companies being the bankers emerge namely, Oriental Bank of Commerce having vot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the resolution plan was placed before the 6th COC meeting held on 14.2.2019. However, the COC based on commercial considerations seem to have rejected the resolution plan. The following concerns have been expressed by the COC in relation to the resolution plan in the meeting held on 14.2.2019, which is extracted as follows. 3. Under the circumstances, this application seeking for liquidation. From the application and annexures filed there with, it seen that the fair value of the assets of the CD is stated to be Rs. 157.07 lakhs and the liquidation value is stated to be Rs. 150.63 lakhs as against the admitted claim as on 27.3.2018 of Rs. 1839.68 lakhs, which is as follows: From the above tabulation, it is clear that the liabilities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Courts, North District, Delhi in CS No. 1056/17, the applicant in CA No.338/C/III/ND/2019 has chosen to approach ADJ-I, Saket Court, Delhi and consequent to the moratorium being applied under Section 14 of IBC, 2016, the suits have not been proceeded with further. In the circumstances, both the applicants have sought that the entire claim should be accepted by the RPI However, under the circumstances, since the order of liquidation is being passed of the CD/ upon appointment of the liquidator, suitable action as contemplated under the provisions or IBC, 2016 shall be initiated by the liquidator in defending the suits before the courts for which leave of this Tribunal shall be sought for. In the circumstances, no further directions need to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey in cash or otherwise on account of book debts realised, the CD was bound to deposit the same in cash credit or current account till the loan is satisfied and unless otherwise done and that in relation to any money received by the CD it was required to act as a trustee for the Bank in relation to the said account. 8. Prima facie perusal of the form as well as documents annexed therewith show that the disposal of the assets as tabulated here in above has been done in the near proximity of the initiation of the CIRP by this Tribunal on 27.8.2018. However, in the absence of any reply being on record as this application seems to have been filed only on 23.3.2019 and as mentioned on 8.5.2019 wherein it is evident that notice was directed to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bile: 9810045108 is appointed as the liquidator of the CD. a. Mr. Yogesh Sethi shall strictly act in accordance with the provisions of IBC 2016 and the attendant Rules and regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations. 2017 as enjoined upon him b. Mr. Yogesh Sethi shall issue the public announcement that the CD is in liquidation. In relation to officers/ employees and workers of the CD, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge. c. The Liquidator shall investigate the financial affairs of the CD particularly, in relation to preferential transactions/ undervalued transactions and such other like transactions including fraudulent prefe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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