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TMI Blog2019 (7) TMI 1852X X X X Extracts X X X X X X X X Extracts X X X X ..... er 3 of Part 2 of the Insolvency and Bankruptcy Code, 2016. As per Section 34(1) of the Code after passing order of liquidation of corporate Debtor the Resolution Professional appointed for CIRP Process should act as Liquidator for conducting Liquidation Process. Accordingly Mrs. G.Kalpana, is appointed as the Liquidator - application allowed. - IA No. 565 of 2019 IN CP(IB)No. 343/7/HDB/2018 - - - Dated:- 16-7-2019 - HON BLE SHRI RATAKONDA MURALI, MEMBER (JUDICIAL) For Applicant/Resolution Professional: G.Kalpana, CA. ORDER Per: Hon ble Shri RatakondaMurali, Member (Judicial) The Present Application is filed by the Resolution Professional under Section 33(2), Section 34(1) Section 60(5) Of Insolvency And Bankruptcy Code 2016, Read With Rule 11 Of National Company Law Tribunal Rules, 2016, seeking orders for liquidating the Corporate Debtor M/s. Southern Online Bio Technologies Limited and further to appoint the Resolution Professional/ Applicant herein to act as Liquidator. 2. The averments made in the Application in brief are as follows: a) This Tribunal vide order dated 05.10.2018 admitted the Petition filed under Section 7 of IBC, 2016 by Bank of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... members of the COC resolved to extend the period for inviting expression of interest till 21%t January, 2019 and directed the Applicant to issue publication in Form-G. The Applicant accordingly issued publication in Form-G_ (Invitation ~ for Expression of Interest) in the newspapers on 09.01.2019 and the last date for submission of Resolution Plan was 15.02.2019, for which the Resolution Professional received only one Expression of Interest which was placed before the CoC and last date to submit the Resolution Plan was 15.02.2019. g) It is averred that in the 4th COC meeting held on 19.02.2019 the members of COC unanimously resolved to extend the time to submit Resolution Plan till 27.02.2019. In the 5 COC meeting held on 27.02.2019 Resolution Professional informed the members about the request of one of the applicants for extension of time till 07.03.2019 to submit the resolution Plan and the members of COC decided to extend the time till 7 March, 2019. h) In the 6th COC meeting held on 07.03.2019, the Applicant informed the CoC that none of the applicants submitted the Resolution Plan and that CoC with 97% voting share decided to issue another expression of interest in Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to have informed the COC members about the timeline of CIRP mentioned in RFRP document and to submit the performance guarantee by the successful Resolution Applicant which is 7 business days and also about the timeline to file an application before this Tribunal for approval of the Resolution Plan. n) The Agenda item in the 14% meeting of Committee of Creditors held on 25'* June, 2019, was either to vote for approval of Resolution Plan or to Liquidate the Corporate Debtor and CoC decided for E Voting from 27 June to 4.00PM to 28th June and on the request of one of the COC Members i.e UCO Bank the Resolution Professional extended the timeline of E Voting till 5.00 PM of 29 June, 2019. The e-Voting details are as follows: S. No. Member of the COC Voting % For Approval of Resolution Plan For Liquidation 1 BOI 47% Yes 2 SBI 31% Yes 3 UCO 19% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. 7. As Per Section 33(1) (a) of the Code if the Resolution Plan is not received under Section 30(6) with in CIRP period, the Tribunal has no other option but to pass a liquidation order. The Resolution Professional has not filed any ~ Resolution Plan before this Tribunal under Section 30(6) with in CIRP period and the Resolution Plan submitted by the M/s Santhoshimathaa Edible Oils Refinery Private Limited was rejected by the COC with 69% voting share. By relying on Section 33(1)(a) of the Code, the Resolution Professional having not submitted any Resolution Plan within CIRP period leads to passing an order of liquidation. I see no other alternative other than passing an order of liquidation requiring the Corporate Debtor, namely M/s. Southern Online Bio Technologies Limited, to be liquidated in the manner laid down in Chapter 3 of Part 2 of the Insolvency and Bankruptcy Code, 2016. 8. As per Section 34(1) of the Code after passing order of liquidation of corporate Debtor the Resolution Professional appointed for CIRP Process should act as Liquidator for conduct ..... X X X X Extracts X X X X X X X X Extracts X X X X
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