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TMI Blog2020 (1) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to initiate liquidation was also approved by the CoC with requisite majority and the instant Application is filed in accordance with law. It is hereby ordered that M/s.Innovative Studios Private Limited, Corporate Debtor be liquidated in the manner as laid down in Chapter Ill of Part Il of Code R/w IBBI (Liquidation process) Regulations, 2016 - Application allowed. - I.A.No.678 of 2019 in C.P.(IB) No.181/BB/2018 - - - Dated:- 6-1-2020 - Shri Rajeswara Rao Vittanala And Shri Ashutosh Chandra, JJ. For Applicant/RP : Mr. Balady Shekar Shetty For Income Tax : Ganesh R. Ghale ORDER Ashutosh Chandra, J. 1. I.A. No.678 of 2019 in C.P. (IB) No.181/BB/2019 is filed by Mr. Balady Shekar Shetty (hereinafter referre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xplained. (3) The Second meeting of CoC was held on 16.05.2019 and it is stated that (1) the appointment of valuers (2) Process the appointment of Forensic Auditor were approved. (4) The Third meeting of CoC was held on 10.06.2019 and it is stated that (1) Form G (2) Expression of Interest and Process flow document and (3) Evaluation Matrix were approved. (5) The Fourth meeting of CoC was held on 12.07.2019 and it stated that the RP informed the Committee about the efforts put in by him for sourcing the Resolution Applicants by visiting Karnataka Film Chamber of Commerce, Bangalore and South India film Producers Associations of Tamil, Telugu and Malayalam at Chennai. Further RP contacted various real estate companies, amusement pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions Entertainment LLP, Resolution Applicant to grant extension of time up to 7th October, 2019 for submitting the fresh Resolution Plan. Besides, the CoC passed a resolution under Section 12 of IBC to seek extension of CIRP period by 90 days i.e. up to 6h January, 2020 as no viable Resolution Plan was received. (8) The Seventh meeting of the CoC held on 03.10.2019 stated that M/s. Suresh Productions Entertainment LLP, the Resolution Applicant had submitted a Resolution Plan, without a supporting Bank Guarantee. The salient features of the Resolution Plan was explained to the committee by the RP and Mr. Ravi Sankar Devarakonda, the Authorised Representative o the Resolution Applicant. Since the Financial proposals of the plan were not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys would expire on 6th Jan, 2020. Hence, it was felt that waiting indefinitely for receiving the Resolution Plan from lone RA was felt not desirable. Therefore CoC has decided to recommend for liquidation of Corporate Debtor of Adjudicating Authority. In this meeting, the Members of the CoC further decided to consider Liquidation of Corporate Debtor as a Going Concern. They also decided to recommend the appointment of the Resolution Professional as Liquidator and approved the estimated Liquidation costs. (11) Accordingly, the following resolutions were put to vote of the members of the CoC by e-voting: RESOLVED THAT the Committee of Creditors do hereby recommend for initiation of Liquidation Process of Innovative Studios Private Limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Plan dated 20th September, 2019 as amended on 28th October, 2019, submitted by M/s Suresh Productions Entertainment LLP was withdrawn, and no_ further extension was considered by the CoC, the Resolution Professional could not submit any approved resolution plan before this Tribunal for its consideration under section 30(6) of the Code. (15) The Resolution Plan was submitted by the Resolution Applicant was discussed from the 7th CoC meeting onwards where majority of the members of CoC were present. The RA was also present in the 7th meeting of CoC, through his Authorised Representative. The RA revised the Resolution Plan submitted by him and also submitted ₹ 50 Lakh Bank Guarantee, even though the Bank Guarantee required w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essional; He is not subject to any disciplinary proceedings initiated by the Board or the Insolvency Professional Agency etc. Therefore, it is a fit case to initiate Liquidation in respect of Corporate Debtor. 5. In view of the facts and circumstances of the case, the Adjudicating Authority, by exercising powers conferred under Section 33(2) of the IBC, 2016 allows |.A.No.678 of 2019 in C.P.(IB)No.181/BB/2018 with following directions: a) It is hereby ordered that M/s.Innovative Studios Private Limited, Corporate Debtor be liquidated in the manner as laid down in Chapter Ill of Part Il of Code R/w IBBI (Liquidation process) Regulations, 2016. b) Mr. Balady Shekar Shetty, is hereby appointed as Liquidator, bject to the terms and con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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