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TMI Blog2021 (8) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Member (Judicial) : Mr. Harihar P. Chaturvedi And Hon'ble Member (Technical) : Mr. Ravikumar Duraisamy For the Applicant : Ms. Mehak Suri, Advocate. For the Corporate Debtor : None ORDER 1. The present application is moved by Resolution Professional Mr. Saurabh Kumar Tikmani (hereinafter called as the Applicant ) Under Section 33 of Insolvency and Bankruptcy Code, 2016 seeking direction of the Liquidation Process of the Corporate Debtor Tribhovandas Bhimji Zaveri Sons Retail Private Limited (hereinafter called as the Corporate Debtor ) and for passing order/appropriate direction that this Tribunal may deem fit in the present matter. The Applicant Liquidator has prayed for grant of following reliefs:- i. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor. The said order was made available to the Applicant vide email on 7th May 2020 which is when the Applicant assumed the role of the Resolution Professional of the Corporate Debtor. 6. Pursuant to the Appointment Order, the Applicant assumed his responsibilities as the RP of the Corporate Debtor. The RP conducted the CIRP of the Corporate Debtor as per the terms of the IBC and in process inter alia, made several attempts for seeking information and custody of the assets of the Corporate Debtor from the erstwhile promoters/directors and management of the Corporate Debtor. However, RP s requests were met with non-cooperation from the erstwhile promoters/directors and management of the Corporate Debtor. Consequently, the RP filed an Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he RP filed an application under Section 43 and 66 of the IBC with this Tribunal and the same is pending final adjudication. 10. Despite facing the aforesaid challenges, the RP in consultation with the CoC made best efforts is achieving Resolution of the Corporate Debtor. In this regard, the RP, inter alia, published an invitation of Expression of Interest (EoI) in the prescribed Form G and engaged with various players in the industry to generate interest amongst potential Resolution Applicants. Due to efforts, the RP was in receipt of one EoI from Kundan Care Products Limited . 11. Pursuant to the receipt of EoI, the RP shared the Request For Resolution Plan (RFRP) and Information Memorandum (based on the limited information availab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uired, from time to time, to give effect to this resolution. 14. The Applicant further submits that in accordance with Regulation 39B of the CIRP Regulations, the CoC in consultation with the RP made best estimate of amount required to meet the liquidation costs and the value of liquid assets of the Corporate Debtor. In this regard, the CoC took note of the best estimate plan shared by the RP in the Eighth Meeting of the CoC. 15. The estimated CIRP costs (estimated till the passing of the order for initiation of Liquidation) and Liquidation costs is approximately ₹ 66 Lakhs. Additionally, the value of liquid assets available with the Corporate Debtor is about ₹ 94.7 Lakhs. Since, the value of liquid assets is greater than ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 34 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 3 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016. RESOLVED FURTHER THAT the resolution professional is further authorized to finalize, execute and file necessary documents and take all such actions, as may be required, from time to time, to give effect to this resolution. 17. Additionally, the CoC also fixed the fee for the Liquidator as per Regulation 39D of the CIRP Regulations and passed the following Resolution. RESOLVED THAT pursuant to Regulation 39D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Committee of Creditors of Tribhov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Applicant submits that it will be beneficial for all the stakeholders if the Corporate Debtor is liquidated. The Applicant further submits that the instant Application is made bona fide and for meeting ends of justice. 21. Considering above facts and circumstances, this Bench hereby Orders that: i. The Process of Liquidation of the Corporate Debtor Tribhovandas Bhimji Zaveri Sons Retail Private Limited shall commence as per the Chapter III of the I B Code from date of this Order. ii. Mr. Rahul Kavathekar, having IBBI Registration No: IBBI/IPA-001/IPP---40/2017-18/10101 is hereby appointed as a Resolution Professional as per the provisions of Sec. 33 of the I B Code. iii. Other usual conditions to be added. iv. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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