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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 ..... g 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 India / Financial Creditor and Corporate Insolvency Resolution Process (CIRP) started against Corporate Debtor M/s Southern Online Bio Technologies Limited. Ms. G. Kalpana, the Applicant herein was appointed as Interim Resolution Professional. b) Pursuant to the above order and as per provisions contained in Section 13, 15 of IBC, 2016 R/w Regulation 6 of Insolvency and Bankruptcy Board of India (Insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01.2019. f) It is averred that in the third meeting of COC held on 08.01.2019, the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Oils Refinery Private Limited for the whole company iii. M/s Hargun Agro Industries Private Limited for the Nalgonda division of the Company k) The Applicant stated she placed all the three plans before the Committee of Creditors for evaluation as per Evaluation Matrix criteria and COC after scrutinizing the Resolution Plans as per Section 30 of the Insolvency and Bankruptcy Code, 2016 and Regulations 37 & 38 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 decided to negotiate with the Resolution Applicants for enhancing the amount in the 10% COC meeting held on 30.05.2019. The same was discussed with the three Resolution Applicants in the 11 COC meeting held on 3 June ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation 1 BOI 47% Yes 2 SBI 31% Yes 3 UCO 19% Yes 4 PNB 3% Yes Total 100% o) Since 69% of voting share of CoC voted in favour of liquidation, as per the instructions of CoC, the Applicant herein moved this Application under Section 33 (2), seeking orders for liquidating the Corporate Debtor Company. It is further averred that 270 days CIRP period came to an end on 01.07.2019. 3. Heard Counsel for Resolution Professional. The Present Application is filed by the Resolution Professional under Section 33(2), Section 34(1) & Section 60(5) of the Code seeking initiation of liquidation process of M/s. Southern Online Bio Technologies Limited (Corporate Debtor). 4. The Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate debtor is in liquidation; 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 passi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s liquidation, in terms of Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016. 14. The Order of Moratorium passed under Section 14 of the Code shall cease to have its effect. 15. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33(7) of the Code. 16. Since Liquidation order has been passed no suit or other legal proceedings shall be instituted by or against the Corporate Debtor, save and except as mentioned in Section 52 of the Code, as to institution of legal proceedings by the Liquidator, he is at liberty to initiate suit or legal proceedings with prior approval of this Adjudicating Authority, but this direction shall not apply to leg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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