9911796707
TMI Blog2021 (7) TMI 872X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the Company in the manner laid down in Chapter III of the Code. The Corporate Debtor i.e. M/s. ISR Infra Private Limited shall be liquidated in the manner as laid down in Chapter-III of the Code - Application allowed. - IA No. 176 of 2019, TCP (IB) No. 106/9/AMR/2019 and CP (IB) No. 382/9/HDB/2019 - - - Dated:- 10-5-2021 - Bhaskara Pantula Mohan, Member (J) For the Appellant : J.V.L. Bharati, Advocate ORDER Bhaskara Pantula Mohan, Member (J) 1. This is an Application by the Resolution Professional under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (the Code) seeking orders for liquidation of the Company/Corporate Debtor. 2. The NCLT, Hyderabad vide order dated 09.09.2019 admitted the Petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P was hauled for a period 72 days and revised schedule of transaction process of EoI was communicated to all the stake holders stipulating the last date for submission of resolution plants as 15.07.2020, which was placed before the 5th CoC meeting dated 13.07.2020. 3. However, no resolution plan received by 15.07.2020 i.e., the last date to receive Resolution Plans. The CD offered to make One Time Settlement (OTS) for ₹ 8 Crores for which he requested for 90 days' time. The CD settled the claim of one operational creditor who moved Section 9 Petition in NCLT and also requested CoC for withdrawal of petition under Section 12A of Code. The CoC in its 2nd CoC meeting dated 26.11.2019, declined the request of the operational credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P came up with this application on 03.11.2020. 4. The directors of the company have not filed any counter to the application. Application has been heard. 5. The Hon'ble Apex Court in K. Sashidhar v. Indian Overseas Bank and Others (2019) 148 LA 497 (SC) inter alia held that, The Adjudicating Authority (NCLT) is not expected to do anything more; but is obligated to initiate liquidation process under section 33(1) of I B Code. The legislature has not endowed the adjudicating authority (NCLT) with the jurisdiction or authority to analyse or evaluate the commercial decision of the CoC much less to enquire into the justness of the rejection of the resolution plan by the dissenting financial creditors . 6. From the above, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rectors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. g) The liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code, read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016. h) Personnel connected with the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as will be required for managing its affairs. i) The Liquidator shall be entitled to such fees as may be specified by the Board in terms of Section 34(8) of the Code. j) This Order shall be deemed to be a notice of discharge to the officers, employees and workmen o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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