9911796707
TMI Blog2021 (7) TMI 1078X X X X Extracts X X X X X X X X Extracts X X X X ..... and C.P. No. 105 of 2019 - - - Dated:- 9-7-2021 - H. V. Subba Rao , Member ( J ) And Shyam Babu Gautam , Member ( T ) For the Appellant : Ayush Rajani , PCA ORDER Shyam Babu Gautam , Member ( T ) 1. It is an application filed by Resolution Professional, Mr. Vijendra Kumar Jain (hereinafter called as the 'applicant') seeking liquidation of Gajanan Industries Limited (hereinafter referred to as the 'corporate debtor'). This application has been filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter called as the Code ), praying for following reliefs: a. That this Hon'ble Tribunal be pleased to order and direct that the Corporate Debtor be ordered and directed to go under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2019 whereby the claims were admitted of the two financial creditors namely State Bank of India and Equitas Small Finance Bank Limited. 4. During the 2nd CoC meeting held on 28.06.2019, it was resolved that the present applicant would be appointed as the Resolution Professional (RP). Accordingly, application was filed before this Tribunal which was allowed vide an Order dated 15.07.2019 and the applicant was appointed as the RP. 5. Later, an application under section 19(2) was filed by the RP against the Suspended Directors for non-cooperation which is pending before this Tribunal. Four Registered Valuers namely Mr. Shri Harsh Khadilkar, Mr. Harshad Deshpande, Mr. Vinod Gandhi and Mr. Satyanarayan Samdhani (collectively called as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20 and voting on this plan was held during 02.03.2020 and 03.03.2020 wherein 94.8% voted in favour of the revised resolution plan and approved it. 9. Subsequent to this, IA No. 1683 of 2020 was filed for approval by this Bench. During the course of hearing of this application, the counsel for the resolution applicant submitted that a Free Hold Land is shown in the provisional balance sheet as on 31.03.2019. He further submitted that he had taken a 7/12 search of the said property and it was found as per government records to be held by the corporate debtor. The counsel for the resolution applicant then sought permission to withdraw the resolution plan upon which, this Bench had directed to file an application. Accordingly, an application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there was no voting of the CoC for liquidation of the corporate debtor. We therefore, allow this Interlocutory Application bearing Number IA 598/2021 with the following observations and directions: a. Mr. Vijendra Kumar Jain, having Registration No. IBBI/IPA-001/IP-P000721/2017-2018/11253 is hereby appointed as the Liquidator as provided under Section 34(1) of the Code. b. That the Liquidator for conduct of the liquidation proceedings would be entitled to the fees as provided in Regulation 4(2)(b) of the IBBI (Liquidation Process Regulations), 2016. c. The Liquidator appointed in this case to initiate liquidation process as envisaged under Chapter-III of the Code by following the liquidation process given in the Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X
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