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TMI Blog2021 (10) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... e RP of the Operational Creditor is pressing for the CIRP. Even the alleged assignee of the debt of the Operational Creditor, M/s. Terrence Alloys Pvt. Ltd. has not come forward after the rejection of the application for assignment of debt. This bench thinks fit that no orders under Section 33(1) of the code can be passed because none of the criteria for passing the order under Section 33(1) are satisfied hence, this application stands Rejected - Application dismissed. - IA No. 2490/2021 in Company Petition No. (IB)-1520(ND)/2018 - - - Dated:- 21-9-2021 - Dr. Deepti Mukesh, Member (J) And Sumita Purkayastha, Member (T) For the Appellant : Brahm Datt Verma ORDER Sumita Purkayastha, Member (T) 1. This is an application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the parties without any legal implication. Learned RP states that the CIRP cost is also not fully paid and the CoC member is not attending any meeting. Notice of this application was issued on 18th February, 2021. None has appeared nor any reply is filed. The RP may take the decision as per law and take appropriate steps. We dispose of this application but we feel the need to put the penalty on the applicant Metenere Ltd. as well as assignee of debt. Let, cost of ₹ 10,000/- each be paid by the Metenere Ltd. as well as assignee of debt M/s. Terrence Alloys Pvt. Ltd. to the RP and the cost of ₹ 10,000/- each be paid in the Prime Minister Relief Fund by the Metenere Ltd. as well as assignee of debt M/s. Terrence Alloys Pvt. Ltd. f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere Limited was stayed pursuant the interim orders dated October 07, 2020 and November 05, 2020, passed by the Hon'ble Supreme Court of India. The CIRP of Metenere Limited thereafter resumed pursuant to the order dated December 15, 2020, passed by the Hon'ble Supreme Court of India. Subsequently, I was appointed as the resolution professional of Metenere Limited in the meeting of the CoC dated 12 Jan, 2021. In relation to the matter pertaining to the outstanding dues payable by Novelty to Metenere Limited ( Outstanding Due ), after having preliminary discussions with the officials of Metenere Limited, I have been given to understand that the Outstanding Due has already been assigned in favour of M/s. Terrence Alloys Private Lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been disposed off and there is not going to be any further hearing in the IA under reference. 7. It is submitted by the Applicant that in view of the above correspondences the 2nd meeting of the CoC could not be held even after expiry of 291 days from the initiation of the CIRP on 20.08.2020, due to non-cooperation by the RP of the Operational Creditor no extension of CIRP period could be obtained. That despite of bailable warrants being issued the ex-directors. They have not cooperated in the CIRP. Hence, this application has been filed as per the provisions of section 33 of IBC, 2016. 8. The Resolution Professional represents that as per the provisional Balance sheet of 20.08.2020 (annexed) provided by the ex-directors, the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor has been preferred on approval of the CoC or in case the Adjudicating Authority rejects the resolution plan for the noncompliance of the requirements under Section 31, the order for liquidation can be passed. 11. In the present case no approval of the CoC has been obtained with respect to filing of this application, rather it has been observed that neither the sole CoC member i.e. the Operational Creditor nor the RP of the Operational Creditor has come forward or appeared before the Adjudicating Authority to move forward with the CIR process of the Corporate Debtor. Further it has been observed that no progress has been made in the CIRP of the Corporate Debtor and neither the Operational Creditor nor the RP of the Operational Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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