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TMI Blog2021 (8) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... g held on 24th May 2021, with requisite majority and the instant Application is filed strictly in accordance with law. M/s. Antal Infotech Private Limited, Corporate Debtor is ordered to be liquidated in the manner as laid down in Chapter III of Part II of Code, R/w IBBI (Liquidation process) Regulations, 2016 - the scheme is approved - application allowed. - I.A. No. 153 of 2021 in C.P. (IB) No. 198/BB/2020 - - - Dated:- 13-8-2021 - Bhaskara Pantula Mohan, Actg. President And Hemant Kumar Sarangi, Member (T) For the Appellant : Perikal K. Arjun ORDER Bhaskara Pantula Mohan, Actg. President 1. I.A. No. 153 of 2021 in C.P.(IB) No. 198/BB/2020 is filed by Shri Ganesh Panduranga Pai, Resolution Professional of Antal In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or reviving the Corporate Debtor. The Corporate Debtor was not a going concern at the time of commencement of CIRP, having no clients and only 2 (two) employees. In addition, the Corporate Debtor lost out on one of its most significant client in the year 2019-2020 before initiating the resolution process after which the operations could not be revived. The Corporate Debtor is currently not a going concern. The Corporate Debtor had certain bank balance and receivables and has no other asset. The RP has realised final pending customer dues to the tune of INR 20 Lakh and received tax refund of INR 1.43 crores for financial year 2019-2020. However, against the high quantum of liabilities of the Corporate Debtor, amounting to almost INR 10 crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reversal of the effect of such transactions. The transaction prayed to be set-aside under the application involves a loan of INR 75 lakhs given by the Corporate Debtor to its group company, Work streets Internet Technology Private Limited. The loan was given without any interest and granted without passing of a special resolution in accordance with the requirements, thereby deeming it prejudicial to the Creditors of the Corporate Debtor. Further, the transaction has been effectuated by way of agreement which is not registered in accordance with the statutory requirements. The resolution for filing the present application was passed at the 2nd meeting of the CoC held on 10th February 2021. (5) During the course of the CIRP period, nume ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the proposed resolutions were not passed due to lack of favourable votes by the COC. 3) Thereafter, a future repayment/payment plan was put forth by the promoter of the corporate Debtor over email after the 5th meeting of the COC. However, this proposed plan is not in consonance with the requirements of the provisions of the Code and such process would involve protracted timelines. Further, the member of the CoC not considered this proposal for further discussion in the ensuing meetings. Moreover, the proposition of the promoters involves setting up of a new company as a subsidiary of the corporate Debtor which does not result in a revival of the Corporate Debtor. Considering these factors, the members of the CoC arrived at a consensus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e application. 3. Heard Shri. Perikal. K. Arjun, learned Counsel for RP, through Video Conference. We have carefully perused the pleadings of the Party and the extant provisions of the Code and the Rules made thereunder. 4. As detailed supra, the Resolution Professional and the COC of the Corporate Debtor, have made their best efforts to find a suitable Resolution Plan to revive the business of the Corporate Debtor. However, in the absence of any Resolution Plan received, there is no other alternative for the COC except to seek to order to liquidate the Corporate Debtor as per the provisions of the Code. The Resolution to initiate liquidation was also approved by the COC in its 7th meeting held on 24th May 2021, with requisite majori ..... X X X X Extracts X X X X X X X X Extracts X X X X
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