9911796707
TMI Blog2021 (8) TMI 208X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.2020, the period of Lockdown is excluded for the purpose of calculating the timelines in CIR Process. Hence, after excluding the lockdown period w.e.f. 23.03.2020 to 31.07.2020, the CIRP was expired on 07.10.2020 and the present application is filed on 11.12.2020. Assessment of Sale as a going concern (Regulation 39C of CIRP Regulations, 2016) - HELD THAT:- The CoC has not made any recommendation regarding sale of the corporate debtor as a going concern. Therefore, the Liquidator is directed to refer to Regulation 32A of the IBBI (Liquidation Process) Regulation, 2016 and take necessary action. In view of the satisfaction of the conditions provided under Section 33(1) of the Code, the corporate debtor Lakshmi Energy Foods Limite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsortium of JFC Finance India Limited (JFC Consortium) had submitted the resolution plan on 27.07.2020. Subsequently, in the 12th Meeting of CoC held on 29.07.2020, the resolution plan submitted by JFC Consortium was discussed on 29.07.2020 with the member of CoC. 4. It is further submitted that in the 14th meeting of CoC held on 18.08.2020, the resolution plan was discussed with the members of CoC and further discussed with Resolution Applicant for raising the resolution plan amount. After these discussions JFC Consortium submitted various addendums and clarifications to its resolution plan on various subsequent dates. Copy of minutes of 14th meeting of CoC is attached as Annexure-9 of the application. 5. In the 15th meeting of CoC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 33: Initiation of liquidation. *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; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall-- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the application. The Law Researcher of this Tribunal has checked the credentials of proposed Liquidator and nothing adverse has been found on record. Therefore, Mr. Kuldip Kumar Bassi is appointed as the Liquidator. 12. Regulation 39B, 39C and 39D in the CIRP Regulations, 2016 have been inserted by Notification No. IBBI/2019-20/GN/REG/048 dated 25.07.2019. Relevant aspects in this respect are examined hereunder. 13. Liquidation Cost (Regulation 39B of CIRP Regulations, 2016) - The CoC has not made compliance of Regulation 39B of the CIRP Regulations, 2016 regarding meeting of liquidation costs. The Liquidator is, therefore, directed to take necessary action under Regulation 2A of the IBBI (Liquidation Process) Regulations, 2016 re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s directed to be liquidated in the manner as laid down in Chapter III of the Code. Some of the directions are noted as under:- (i) That as per Section 33(5) of the Code and subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted against the corporate debtor; Provided that a suit or other legal proceedings may be instituted by the liquidator on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority; (ii) That the provisions of sub-section (5) of Section 33 of the Code shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator; and (iii) That this order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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