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TMI Blog2021 (7) TMI 560X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor to be liquidated in the manner as laid down in the manner. The Tribunal observes that upon failure of the resolution process and no approved resolution plan and further on completion of statutory CIRP process, there is no alternative left but to order in conformity with the decision of the CoC liquidation has to follow under Section 33 of the Code. Adherence of the statutory requirement has to be done as the language of the Code is clear that the adjudicating authority must give effect to it whatever may be consequences - even CoC in its 8th meeting on 04.11.2020 has with 100 % majority has passed the resolution to liquidate the Corporate Debtor as no resolution plan was received for revival of the company and further RP has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contended on behalf of the applicant that on 12.12.2019, the first meeting of CoC was held, whereby the progress of the CIRP proceedings was discussed and it was resolved in the said meeting that since despite of various reminders and e-mails sent by the applicant, no information was furnished by them to the applicant, the respondents were not cooperating with the CIRP and is not providing any information regarding the properties of the Corporate Debtor therefore, an application under Section 19(2) of IBC shall be filed before the Adjudicating Authority. Thus, application under Section 19(2) IBC was filed against the Ex-Directors to duly cooperate with the applicant which was allowed by the Adjudicating Authority vide order dated 29.09.2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Suspended Management of the Corporate Debtor and withdrawal process is not initiated within 15 days from the date of meeting, then the CIRP would continue. Further, it is submitted that the settlement between the Respondent and the CoC has failed. 6. The fifth meeting of the CoC dated 23.03.2020 convened by the applicant, it was resolved through 100% of the voting share of the members of the CoC through video conferencing that since no settlement was arrived between the CoC members and Corporate Debtor therefore, the repetition EOI be initiated under Section 25(2)(h) of the Code and also resolved to appoint a professional firm for conducting forensic audit of the preferential, undervalued, fraudulent trading or extortionate trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spective resolution applicants for submitting the resolution plan and on 17.10.2020 again the said prospective resolution applicant requested for extension of 10 more days for submitting their resolution plan but despite granting extension to the prospective resolution applicant for submitting their resolution plan, the prospective resolution applicants have failed to submit the resolution plans till date. 11. Thereafter, the applicant convened the Eight Meeting of the CoC dated 04.11.2020 whereby the CoC resolved with 100% voting share that the Corporate Debtor shall be liquidated in terms of the provisions of Regulation 39 of the Insolvency Resolution Regulation, 2016 and an application under section 33 be filed before this Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffect to it whatever may be consequences. 14. Further, even CoC in its 8th meeting on 04.11.2020 has with 100 % majority has passed the resolution to liquidate the Corporate Debtor as no resolution plan was received for revival of the company and further RP has complied with the provisions laid down under Insolvency and Bankruptcy Code. 15. Therefore, after considering facts and circumstances, and by exercising the power under Section 33(1), this Adjudicating Authority hereby directs that the Corporate Debtor i.e. V.A.M. Resorts and Hotels Pvt. Ltd. shall go into Liquidation and the moratorium declared for the Corporate Debtor under Liquidation shall cease to have effect from pronouncement of this Order. 16. This Adjudicating Autho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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