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TMI Blog2021 (10) TMI 764X X X X Extracts X X X X X X X X Extracts X X X X ..... ) And Dr. Binod Kumar Sinha, Member (T) For Appearing Parties : D. Narendar Naik and P. Vikram ORDER 1. The present Application bearing MA No. 676/2020 in CP(IB) No. 20/7/HDB/2019 is filed by Resolution Professional inter-alia praying to pass the order of liquidation of the Corporate Debtor U/s. 33(2) of the I B Code, 2016 and to appoint Mr. Huzefa Fakhri Sitabkhan, RP as Liquidator U/s. 34(4)(c) and Sec. 34(5) of the I B Code, 2016. 2. Brief facts as stated by the counsel for the Applicant are as follows:- a. That M/s. Axis Bank Limited (Financial Creditor) filed CP(IB) No. 20/7/HDB/2019 against M/s. Lanco Solar Private Limited (Corporate Debtor) under Section 7 of the IB Code and vide order dated 17.05.2019, this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xtension of a further period of 90 days with effect from November 14, 2019. Thus, the extended period of 90 days was due to expire on February 11, 2020. f. The Applicant submits that accordingly the last day to submit the Resolution Plan was extended from November 10, 2019 to November 30, 2019 as recorded in the 6th CoC meeting held on November 08, 2019. g. The Applicant submits that no resolution plans were received till the last day for the submission of the Resolution Plan, i.e., November 30, 2019. Thereafter, during the course of the CIRP and pursuant to the various CoC meetings, majority of the CoC members were of the considered opinion that it is in the interest of all the stakeholders, to proceed with the liquidation of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved by 62.73% voting the estimated net liquidation cost of the Corporate Debtor for the period of one year, aggregating to ₹ 3.83 Crore and further approved the contribution plan of the said estimated net liquidation cost to be paid by the members of the CoC, which shall be paid in the ratio of their respective claims admitted in CIRP. Accordingly, the following resolution has been incorporated as an e-voting item: To approve the estimated net liquidation cost of the Corporate Debtor for the period of 1 year amounting to ₹ 3.83 Crore and the contribution plan of the said estimated net liquidation cost by the CoC members in the ratio of their claims admitted in the CIRP in terms of Regulation 39B of the CIRP Regulations. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Liquidator of the Corporate Debtor at he rate of 1.00% of the total amount realized during the first year from the liquidation commencement date and thereafter at 0.90% of the total amount realized during the balance period of liquidation. 3. Heard the RP and perused the records. 4. In view of the facts and circumstances as recorded by RP in MA No. 676 of 2020 filed in CP(IB) No. 20/7/HDB/2019, since this Adjudicating Authority did not receive any Resolution Plan under Sub-Section (6) of Section 30 of the I B Code, 2016, this Adjudicating Authority deems it proper to allow the Application bearing MA No. 676/2020 as prayed for. Accordingly, in exercise of powers conferred under Sub-Clauses (i), (ii) and (iii) of Clause (b) of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor is continued during the Liquidation process by the Liquidator. (vii) All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the Company Liquidator viz., Mr. Mr. Huzefa Fakhri Sitabkhan. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I B Code, 2016, R/w. Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (viii) The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Company Liquidator as may be required by him in managing the affairs of the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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