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TMI Blog2019 (12) TMI 1524X X X X Extracts X X X X X X X X Extracts X X X X ..... iii) of Clause (b) of Sub-Section (1) of Section 33 of the I B Code, 2016, the liquidation order is passed. Application allowed. - IA No.777/2019 In CP(IB) No. 280/9/HDB/2018 - - - Dated:- 6-12-2019 - K. Anantha Padmanabha Swamy, Member Judicial And Dr. Binod Kumar Sinha, Member Technical For the Applicant: Dr.S.V.Rama Krishna, Advocate for RP And Mr.Subba Rao Gonuguntla, RP For the Suspended Director: Mr.D.Gopala Krishna, Advocate ORDER Per: Dr. Binod Kumar Sinha, Member Technical 1. The present Application bearing IA No.777/2019 in CP(IB) No. 280/9/HDB/2018 is filed by Resolution Professional seeking an order for liquidation of Corporate Debtor under section 33(2) of I B code, 2016. 2. It is stated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the time being. Further suggested to the CD through RP to file a resolution plan by the debtor himself, the unit can continue as a going concern. If the resolution plan is reasonable to the creditor withdrawal application U/s 12A can be considered by CoC with the approval of honourable NCLT. 9. It is stated that in May 2019 CoC gave an opportunity to the Ex-management to place compromise proposal/ Resolution Plan, and received six different compromise proposals/ Resolution Plans till 11th August 2019. 10. That Mr. Sampath, Suspended Director of the Corporate Debtor requested some more time to give his commitment of down payment to the proposal. As Suspended Director has failed to keep his promise, hence CoC resolved for liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e not within the purview of Sec.29A of I B Code. f) It is stated that, in view of the above, the present Petition filed by the Resolution Professional without issuing Form-G i.e., Expression of Interest etc., is illegal and therefore is liable to be dismissed. 12. Heard both sides and perused the records. 13. In view of the facts and circumstances recorded by RP in IA No. 777 of 2019 filed in CP(IB) No. 280/9/HDB/2018, this Adjudicating Authority did not receive any Resolution Plan under Sub-Section (6) of Section 30. 14. Further Section 33(2) as amended by the IBC Amendment Act, 2019, stipulates as under: Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd, which shall be conducted in the manner as laid down in Chapter III of part II of the I B Code, 2016; (ii) This Adjudicating Authority hereby appoint Mr.Chillale Rajesh bearing registration number IBBI/IPA-001/IP-P00699/2017-2018/11226 to act as Liquidator in the present case. He shall issue a public announcement stating therein that the Corporate Debtor is in Liquidation; (iii) The moratorium declared under Section 14 of the I B Code, 2016, shall cease to have effect from the date of the order of Liquidation; (iv) Subject to Section 52 of the I B Code, 2016, no suit or other legal proceedings shall be instituted by/ or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor or its business within 90 days from liquidation commencement date, Liquidator shall proceed to sell the assets of the Corporate Debtor under clauses (a) to (d) of Regulation 32 of Insolvency and Bankruptcy Board Of India (Liquidation Process) Regulations, 2016. (x) The Company Liquidator shall be entitled to charge such fee for conducting the Liquidation proceedings in such a proportion to the value of the Liquidation estate assets as specified by the Board under Regulation 4(3) of IBBI (Liquidation Process) Regulations, 2016. Accordingly, the fees for conducting the Liquidation proceedings shall be paid to the Company Liquidator from the proceeds of the Liquidation estate. (xi) Copy of this Order shall be sent to the co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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