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TMI Blog2019 (9) TMI 1580X X X X Extracts X X X X X X X X Extracts X X X X ..... C.P. (IB) No.72/BB/2019 is filed by Shri Gorur Narasimhamurthy Venkataraman, Resolution Professional (hereinafter referred to as Applicant/RP ) of M/s. Bunt Solar India Private Limited under Section 60(5)(C) read with Section 33(2) and Section 34(1) of IBC, 2016 by inter alia seeking to appoint Resolution Professional to act as Liquidator to liquidate the Corporate Debtor as recommended by the Committee of Creditors. 2. Shri Gorur N. Venkataraman, Resolution Professional has filed an Affidavit along with IA dated 20.08.2019 by inter alia stating as follows: (1) Initially, the Adjudicating Authority has admitted the C.P. (IB) No.72/BB/2019 vide order dated 14.06.2019 by initiating CIRP in respect of the Corporate Debtor herein and appointed Shri Gorur Narasimhamurthy Venkataraman (Applicant herein), bearing Regn. No. IBBI/IPA-003/IP-N00075/2017-18/10585 as the IRP, imposed moratorium etc. Subsequently during the First meeting of the CoC, the IRP Shri Gorur N. Venkataraman was appointed as Resolution Professional with 100% voting share to continue the CIRP. (2) It is stated that after assuming the responsibility of RP, the accounts for the year 2016-17, 2017-18 and 2018-19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and available records from suspended Corporate Debtor. On a personal inspection made by the team of IRP along with the Operational Creditors and Corporate Debtors, and Practicing Chartered Accountant of Operational Debtors. Accordingly, it is found that the Corporate Debtor has nothing in his possession as on that date and Para 10 and Para 11 of the report of 04.07.2019, and also highlighted that the Corporate Debtor position as of 14.06.2019 by inter alia stating that the position of Corporate Debtor such as not having any office; not having any manufacturing unit; no activity at present and also for past one and half years; and no books of Accounts for almost 3 years since 01.04.2016. 5. As per the information furnished by the audited accounts of last 2 Financial Years i.e. 2016-17 and 2017-18 as per which during 2016-17 Profit and Loss Account indicated loss of ₹ 1,78,09,00/7- and as of 31.03.2018, this loss has increased to ₹ 4,21,75,87/7- and as of 31.03.2019, the loss has increased to ₹ 16,26,29,429/-. Further, as desired by IBC the latest financial figures as on the date of submission of financial report/as on the date of insolvency i.e. 14.06.2019 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the CIRP expenses: To consider the CIRP Expenses as per Regulation 5(13) of REGOO4 and approve the CIRP expenses incurred by IRP and RP and agreed to meet all the further expenses as discussed with Applicant between IRP/RP and Applicant the CoC approved all the expenses falling in line with Section 5(13) read with Regulation 31 to 34 of REGOO4. The above was put to vote and with 100% voting share CoC approved the Agenda, and the same was not agreed by the Karnataka Bank Ltd. AGENDA 3: The CoC approved to operate the transactions of bank account on behalf of Corporate Debtor to be authorized by Resolution Professional, and the same was not agreed by the Karnataka Bank Ltd. 7. In light of the decision taken at the 1St meeting of the CoC dated 13.08.2019, I.A No.408 of 2019 is filed by Resolution Professional for intimation of the decision taken by the CoC for liquidation of Corporate Debtor as per Section 33(2) of the Code. 8. As detailed supra, the Resolution Professional and the CoC of the Corporate Debtor have made best efforts to find a suitable Resolution Plan of the Corporate Debtor. However, no suitable Resolution Plan is submitted, so as to consider the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lt, the instant Application needs to be allowed to liquidate the Corporate Debtor Company. 11. In view of the above facts and circumstances of the case, the Adjudicating Authority, by exercising powers conferred under Section 33 of the I B Code, 2016, I.A. No.408 of 2019 in C.P. (IB) No.72/BB/2019 is hereby allowed with following directions: (1) We have reached the conclusion that there is a need for an order requiring the Corporate Debtor namely M/s. Bunt Solar India Private Limited to be liquidated in the manner as laid down in the I B Code, 2016 and related Regulations; (2) That Shri Gorur Narasimhamurthy Venkataraman holding Registration No.IBBI/IPA-003/IP-NO0075/2017-18/10585, the Resolution Professional appointed for CIRP is appointed as Liquidator for the purpose of liquidation pursuant to Section 34(1) of Insolvency Bankruptcy Code, 2016. (3) The provisions of IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 shall apply. (4) The Liquidator is directed to issue a Public announcement stating that the Corporate Debtor is in liquidation one in English language and one in Vernacular language in terms of Regulation 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ness of the Corporate Debtor is continued during the liquidation process by the Liquidator in accordance with Section 33(7) of the IBC, 2016; (16) Committee of Creditors is directed to review the expenditure incurred by the Resolution Professional until the date of this order and verify the same through perusal of relevant documents; (17) The Liquidator shall submit a preliminary report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016; (18) Copy of this order be sent to the financial creditors, corporate debtor and the liquidator for taking necessary steps; (19) The Liquidator is directed to send copy of this order to the Registrar of Companies, State of Karnataka and other authorities connected with Corporate Debtor; (20) The Registry is directed to communicate this Order to the Registrar of Companies, Karnataka and to the Insolvency and Bankruptcy Board of India; (21) The Liquidator is directed to conclude the Liquidation process, as expeditiously as possible, by initiating expedite steps, and promptly report progress of liqu ..... 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