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TMI Blog2021 (8) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... e corporate debtor stands liquidated and the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter-III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 along with the following directions imposed. Application allowed. - IA No. 720/ND/2021 in Company Petition No. (IB)-114(ND)/2018 - - - Dated:- 26-7-2021 - Dr. Deepti Mukesh, Member (J) And Sumita Purkayastha, Member (T) ORDER Dr. Deepti Mukesh, Member (J) 1. This is an application filed by the Resolution Professional under Section 33(1) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Books of Accounts of the Corporate Debtor and bring them up-to-date as required under Regulation 6 of the IBBI (Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. c. The debtors and Loans and Advances, shown in the books of accounts are ₹ 66,19,34,658/- and ₹ 4,91,05,000/- respectively. The same were not be genuine and the recovery of the amount is highly uncertain. d. The inventory consists of shares of unlisted company of various companies and the other similar companies which are run and maintained by the SRS Group. That certain recoveries from few companies are possible, as the RP has arranged meetings with their respective Statutory Auditors and discussion and negotiation is going o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pointed in other similar companies of the group. The RP therefore, proposed for the Liquidation of the Corporate Debtor, however the Members of the CoC did not approve of the same and postponed the matter to a further date. 6. The RP submits that 180 days period of CIRP of the Corporate Debtor expired on 08.09.2019. That having no EOI and Resolution Plan due to the aforesaid facts and circumstances. The Corporate Debtor shall therefore in absence of any extension of CIRP period shall go into liquidation. That having no alternative left, the COC in its 4th CoC meeting dated 06.09.2019, had finally decided to liquidate the corporate debtor by 100% voting rights. The following resolution was passed: 'RESOLVED THAT considering the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tter expired on 08.09.2019 and because the corporate debtor does not have any asset/business nor have any reliable financial statement, it is seen from the provisions of IBC, 2016 is to only press the liquidation mode as provided under the provisions of section 33 of IBC, 2016 of which the relevant sub-section 1 of section 33 is reproduced hereunder; 33. (1) Where the Adjudicating Authority,-- (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016; c. The Registry is directed to communicate this Order to the Registrar of Companies, NCT of Delhi Haryana and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly in relation to other fiscal and regulatory authorities which governs the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation e. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; f. This order is deemed to be a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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