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TMI Blog2021 (11) TMI 790X X X X Extracts X X X X X X X X Extracts X X X X ..... arma Member (Technical) And Hon ble Mr. Ashok Kumar Borah Member (Judicial) For the Applicant : Shri. Vinod P.V., Advocate For the Promoter : Shri. Aditya Venugopal, Advocate ORDER Per : Ashok Kumar Borah , Member ( Judicial ) 1. this Interlocutory Application has been filed under Section 33(1) of IBC, 2016 by Mr.George Varkey, Resolution Professional in the matter of M/s. Propyl Packaging Limited seeking the following reliefs: - (a) Pass an order liquidating the Corporate Debtor under Section 33(1) of IBC, 2016; (b) Appoint the Resolution Professional Mr.George Varkey, having IP registration Number IBBI/IPA-001/IP-P00433/2017-2018/10756 as the Liquidator of the Corporate Debtor under Section 34 of the Insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cal Disposables, Kuruppumpady, Perumbavoor. 2) Mrs. V.Bhagyalakshmi, Proprietor of Sri Balaji Plastics, Coimbatore. 4. It is further stated that since 180 days period for completing the CIRP was expiring on 20.02.2021, Committee of Creditors in its meeting held on 03.02.2021 resolved to seek extension of further 90 days to complete the CIRP from this Tribunal under Section 12(2) of the Insolvency and Bankruptcy Code, 2016. This Tribunal vide order dated 18.02.2021 in IA(IBC)/50/KOB/2021 granted extension of further 90 days to complete the CIRP and permitted the Applicant to complete the CIRP by 23.05.2021. Both the Resolution Applicants did not submit the Resolution Plan on the last date of submission of the Resolution Plan and re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Plan on the ground that PRA is entitled to 30 days for filing the Resolution Plan under Regulation 36B of IBBI (Corporate Insolvency Resolution Process) Regulations, 2016. This Tribunal after considering the said application vide order dated 31.05.2021 directed the Promoter to file the Resolution Plan within one week from the date of receipt of the order. It is stated that the order was received by mail on 02.06.2021. 6. It is further stated that despite granting sufficient opportunity to the Promoter, he has not submitted the Resolution Plan. The other two PRAs also not submitted the Resolution Plan. Accordingly, the Applicant has convened the meetings of CoC on 11.06.20201 and 16.06.2021 for initiating Liquidation Process. However, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 230 of the Companies Act, 2013 is ₹ 1,80, 000; b) the period, if any, used for sale under clause (e) (0 of Regulation, 32 of the IBBI (Liquidation Process) Regulation, 2CIL6 is ₹ 4,20,000; c) If the compromise or sale as going concern not happening, for the sale of assets and distribution, the total fees is ₹ 12,00,000. RESOLVED THAT in pursuant to the provisions of Regulations 39C of IBBI (CIRP) Regulations, 2A16, the consent of members of COC be and is hereby accorded to sale of Corporate Debtor as a going concern 7. Hence, the Applicant has filed this IA with the aforesaid prayers. 8. On 14.07.2021 this Tribunal directed the Resolution Professional to submit the Balance Sheets, assets ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ollowing observations: - a) This Bench hereby appoints Mr. George Varkey having [Reg No.IBBI/IPA-001/IP-P00433/2017-2018/10756], office at Building No. 110, Ground Floor, Surabhi Nagar, Near Collectorate, Kakkanad, Kochi 682 030, email- [email protected] , as Liquidator in terms of Section 34(1) of the Code. b) That the Corporate Debtor be liquidated in the manner as laid down in Chapter III by issuing a Public Notice in two newspapers one in English and one in Malayalam stating that the Corporate Debtor is in liquidation. It is also directed that the Applicant shall send this order to ROC under which this Company has been registered. c) Whenever the Liquidator issues any publication in the newspapers, the said shall be published ..... X X X X Extracts X X X X X X X X Extracts X X X X
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