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TMI Blog2021 (11) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of law as well as the facts on record, the liquidation of the corporate debtor is ordered and in the circumstances the corporate debtor stands liquidated and the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter-III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017. Application allowed. - IA No. 558/ND/2020 in Company Petition No. (IB)-1411(ND)/2018 - - - Dated:- 17-11-2021 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Ishita Srivastva and Anurag Bhatt, Advocates ORDER Narender Kumar Bhola, Member (T) 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... constituted the Committee of Creditors only with operational creditors under Regulation 16 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 5. The RP submits that IRP was appointed as the RP by the members of CoC and his appointment was confirmed vide order dated 11.06.2019. The RP requested the suspended board of directors to provide the required information, however, no response was received by the RP and the suspended board of directors of the Corporate Debtor did not extend any cooperation as sought by the RP. The RP has sent various reminders to the auditors of the Corporate Debtor enquiring about the status and details of the fixed assets and stock of the Corporate Debtor and the auditors have pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2018, the NDTV group transferred the ownership and control of the Corporate Debtor to Nameh Group through sale of shares. It is unbelievable that the respondents being the director of the Corporate Debtor were not handed over with the custody of all the documents of the Corporate Debtor by the NDTV group. It is further submitted that all respondents are blaming each other for the information, and because of the conduct of the respondents, the entire resolution process has been derailed. 8. The CIRP of the Corporate Debtor is already in excess of 287th day and still the RP do not have the safe custody of all the assets and documents with respect to the affairs of the Corporate Debtor. Further, in catena of judgments Hon'ble Supr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erated possible revenue for the corporate debtor. iv. Non availability of funds and scarcity of resources for the Resolution Professional to smoothly conduct the Corporate Insolvency Resolution Process of the Corporate Debtor. The liquidation proposal was approved by a majority of 100% members and voting. RESOLVED to propose the liquidation of corporate debtor u/s. 33(2) of I B Code, 2016 and authorize RP to make an application to Adjudicating Authority for liquidation of the CD u/s. 33(2). Cost of filing application through an advocate, shall be part of CIRP cost and paid by CoC. 11. The RP informed the members of CoC that Liquidator fees is to be determined by the members, which shall form part of the liquidation cost a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng towards CIRP cost for earlier period. It is submitted that the agenda for ratification of the expenses incurred by the Resolution Professional was proposed as agenda item No. 9 and the same was put to vote in 7th meeting of Committee of Creditors. Relevant extract of the same is reproduced hereto a under: To ratify further CIRP expense of ₹ 4,92,160/- and RP Fee of ₹ 7,70,000/- due from 19.09.2019 to 05.12.2019. It is submitted that the said Agenda was put for vote and the same was passed by 100% voting majority of the members present and voting. 15. The CIRP of 180 days in the present matter originally estimated for closure on 07.09.2019 but the exclusion period of 150 days was granted by the bench. Further, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter-III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 along with the following directions: a. Mr. Ashok Kumar, Resolution Professional of the corporate debtor having IBBI registration number IBBI/IPA-001/IP-P00847/2017-18/11430 has consented to act as the liquidator of the corporate debtor and who is be and hereby appointed as liquidator of the corporate debtor. Written Consent of Mr. Ashok Kumar, Resolution Professional of the corporate debtor under section 34 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, signifying his intention to act as the liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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