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TMI Blog2021 (10) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... ations, 2016. The members of CoC discussed and resolved to sell the Corporate Debtor as a going concern, as first option, or sell the business(s) of the Corporate Debtor as a going concern, as second option, before exploring other options as per Regulation 32 32A of IBBI (Liquidation Process) Regulations, 2016 and Regulation 39C of CIRP Regulations, 2016, if an order of liquidation is passed by the Adjudicating Authority. In view of the satisfaction of the conditions provided under Section 33 of the Code, the Corporate Debtor, M/s. Kishori Lal Sudesh Kumar Metals Private Limited is directed to be liquidated in the manner as laid down in Chapter III of the Code - Application allowed. - IA No. 228/JPR/2020 in CP No. (IB)-276/7/JPR/2019 - - - Dated:- 7-10-2021 - Ajay Kumar Vatsavayi, Member (J) And Raghu Nayyar, Member (T) For the Appellant : Saajan Saini and Prateek Kedawat, Advs ORDER Raghu Nayyar, Member (T) 1. This Application bearing IA No. 228/JPR/2020 is filed by the Resolution Professional ('Applicant'/'RP') for M/s. Kishorilal Sudesh Kumar Metals Private Limited ('Corporate Debtor') under Section 33 of the Insolvency and Bankr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the noncompliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. (2) where the resolution professional at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the adjudicating authority of the decision of the committee of creditor approved by not less than sixty-six percent of the voting share to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clause (i), (ii) and (iii) of clause (b) of Sub-Section (1) 6. The Hon'ble National Company Law Appellate Tribunal ('NCLAT'), in Praveen Kumar Nanda Kumar Vs. VSL Securities Pvt. Ltd. in CA No. 1/2020 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia Pvt. Ltd. vs. Mack Soft Tech Pvt. Ltd. in Company Appeal (AT) (Insolvency) No. 185 of 2018 decided on 8th May, 2018 do hereby order as follows:- (1) That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the Corporate Debtor may be located, shall be excluded for the purpose of counting of the period for 'Resolution Process under Section 12 of the Insolvency and Bankruptcy Code, 2016, in all cases where 'Corporate Insolvency Resolution Process' has been initiated and pending before any Bench of the National Company Law Tribunal or in Appeal before this Appellate Tribunal. 9. Thereafter, the Insolvency and Bankruptcy Board of India, inserted Regulation 40C to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, vide notification dated 29.03.2020 and the same is as under:- 40C. Special provision relating to time-line Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code, the period of lockdown ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Hansraj Mutreja, Resolution Professional with IBBI Registration No. IBBI/IPA-002/IP-N00221/2017-18/10637 has filed his consent in format/Form-AA dated 05.08.2020 as Annexure D, vide Diary No. 1373/2021 dated 14.07.2021. The credentials of the proposed Liquidator have been checked from IBBI website (www.ibbi.gov.in) and nothing adverse is found on record. Therefore, Mr. Hansraj Mutreja is appointed as the Liquidator. 14. It is seen that Regulation 39B, 39C and 39D in the CIRP Regulations, 2016 have been inserted by Notification No. IBBI/2019-20/GN/REG/048 dated 25.07.2019. Relevant aspects in this respect are examined hereunder. 15. Liquidation Cost (Regulation 39B of CIRP Regulations, 2016) - The RP apprised the CoC in the 4th meeting dated 05.07.2021 about Regulation 39B of CIRP Regulations, 2016 and estimated the liquidation cost to be at ₹ 6,00,000/-. The CoC with 69.69% voting rights approved the estimated liquidation cost. The Liquidator is, therefore, directed to take necessary action under Regulation 2A of the IBBI (Liquidation Process) Regulations, 2016 regarding contributions to liquidation costs. 16. Assessment of Sale as a going concern (Regulation 39C of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor and provisions of Section 19 of the Code shall apply in relation to liquidation process as they apply in relation to CIR process with the substitution of references to the Liquidator for references to the Interim Resolution Professional; and (vi) The Liquidator shall publish public announcement in accordance with Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 and in Form B of Schedule II of these Regulations within five days from receipt of this order calling upon the stakeholders to submit their claims as on the liquidation commencement date and provide the last date for submission of claim which shall be 30 days from the liquidation commencement date; and (vii) In accordance with Regulation 13 of the IBBI (Liquidation Process) Regulations, 2016, the Liquidator shall file his preliminary report within 75 days and shall file regular progress reports as per Regulation 15. 19. Pending Applications, if any, and its/their effect-No applications are pending in this case. 20. In view of the foregoing, IA No. 228/JPR/2020 is disposed of. Copy of this order be supplied to the counsel for the Liquidator as well as to the Registrar of Companies fort ..... X X X X Extracts X X X X X X X X Extracts X X X X
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