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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 ..... eja as Interim Resolution Professional ('IRP'). 3. In compliance with provisions of the Code, the IRP constituted the CoC. The 1st meeting of the CoC was held on 07.03.2020, wherein the CoC resolved to appoint the IRP i.e., Mr. Hansraj Mutreja, as the RP of the Corporate Debtor. Copy of Minutes of 1st CoC meeting is enclosed as Annexure-IV of the Application. In the minutes of 2nd CoC meeting held on 11.07.2020, it was stated that the RP had appointed registered valuers to determine fair and liquidation values in accordance with Regulation 27 and 35 of the CIRP Regulations, 2016. 4. It is submitted that in the 3rd CoC meeting held on 04.08.2020, the RP informed the members about various provisions of the Code and the compliances that were required to be undertaken in accordance with law to proceed with inviting Resolution Plans. However, the members decided that since the Corporate Debtor was not in operation from past almost more than 19 years and no asset except Plot No. E-909 RIICO, Industrial Area, Bhiwadi was in the name of the Corporate Debtor, there is no possibility for a resolution plan. Therefore, the CoC unanimously decided to liquidate the Corporate Debtor. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e lines and as per applicable procedure. 7. Prescribed period for filing application - In the present case, the Application under Section 9 of the Code was admitted on 30.01.2020 and the period of 180 days was ending on 28.07.2020. It is noted that the CoC resolved to liquidate the Corporate Debtor on 04.08.2020 and as a consequence thereof, the instant application is filed by the RP on 21.08.2020. 8. In view of emerging situation of COVID-19 pandemic, the Hon'ble National Company Law Appellate Tribunal in Suo Moto-Company Appeal (AT) (Insolvency) No. 01 of 2020 vide order dated 30.03.2020, observed as under: "Upon requests for urgent listing of cases having been made telephonically to Registrar of this Appellate Tribunal from various persons, who were unable to physically file the same on account of complete lockdown declared by Government with effect from 25th March, 2020, we take suo moto cognizance of the unprecedented situation arising out of spread of COVID-19 virus declared a pandemic. Having regard to the hardships being faced by various stakeholders as also the legal fraternity, which go beyond filing of Appeals/cases, which has already been taken care of by the Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - "Exclusion of period of lockdown 47A. Subject to the provisions of the Code, the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be counted for the purpose of computation of the timeline for any task that could not be completed due to such lockdown, in relation to any liquidation process." 11. As per Notification No. IBBI/2020-21/GN/REG059 dated 20.04.2020, the period of lockdown is excluded for the purpose of calculating the timelines in CIR Process. Hence, after considering exclusion of lockdown period till 30.06.2020, the present application is filed within the prescribed period. In view thereof the Application under consideration is taken up under Section 33(2) of the Code. 12. Appointment of Liquidator and fee to be paid-Section 34(1) of the Code provides that where the Adjudicating Authority passes an order for liquidation of the Corporate Debtor under Section 33, the resolution professional appointed for the corporate insolvency resolution process shall, subject to submission of written consent act as the Liquidator for the purpose of liquidation. The relevant provisions of Sections 34(1) of the Code are as follows:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority. 17. Fees of the Liquidator (Regulation 39D of CIRP Regulations, 2016) - In the 4th meeting of the CoC, the members with 69.69% voting rights resolved that the consolidated fees of the Liquidator will be fixed at Rs. 2,00,000/- and travelling, hotel charges and other expenses as per actuals. 18. 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. The contextual directions inter-alia include:- (i) As per Section 33(5) of the Code and subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor, Provided that a suit or other legal proceedings may be instituted by the Liquidator on behalf of the Corporate Debtor, with the prior approval of the Adjudicating Authority; and (ii) The provisions of sub-section (5) of Section 33 of the Code shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator; and (iii) This ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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