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TMI Blog2020 (1) TMI 1544X X X X Extracts X X X X X X X X Extracts X X X X ..... L) For Applicant: Mr. Vaibhav Mahajan And Mr. Anil Kumar For Respondent: Mr. Rajendra Beniwal, Mr. Shriram And Mr. Vishal Thakur (Advocates) ORDER CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) CA-962/C-III/ND/2019 CA-452/C-III/ND/19 Counsel for the CoC is present. Counsel for the RP is present. The counsel for the CoC has submitted that CoC had no idea about the procedure to be followed for conducting the CoC and the Resolution that came to be passed by the CoC on 19.06.2019 is based on the misrepresentation. The Resolution Professional has submitted that the Agenda which was placed before the 5th COC is clear. There was no ambiguity and the maximum time period for CIRP was already utilized. The resolution was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. This relates to CA-452/C-III/ND/2019 filed in IB/1251/ND/2018 by Mr. Anil Kumar (hereinafter referred to as 'Resolution Professional') under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The prayer made in the Application is to pass an order of liquidation pertaining the Corporate Debtor (CD) viz., M/s. Newgen Specialty Plastics Limited. 2. Originally IB/1251/ND/2018 filed under Section 9 of the I B Code, 2016 by the Operational Creditor (OC) was admitted by this Authority vide Order dated 19.11.2018, the CIR Process was initiated against the CD and Mr. Rajesh Parakh was appointed as Interim Resolution Professional (IRP). 3. It is averred that pursuant to the Order of this Authority dated 19.11.2018 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.4.2019, the sole resolution applicant i.e. consortium of directors of CD and M/s Air Touch Technologies Pvt. Ltd. sought extension for submitting their resolution plans. 6. In 4th meeting of the COC held on 13.05.2019, again the sole consortium sought extension of time for submitting their resolution plan. The minutes of COC clearly indicate the non-cooperation on the part of the suspended board of directors. 7. On 25.05.2019, Mr. S. K. Singh (director) the proposed Resolution applicant of the CD sent email to RP requesting to further extend the time period for submitting a resolution plan. 8. In 5th meeting of the COC held on 19.06.2019, the chairman shared the complete background giving trails of events as to how the directors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany the Liquidator's fee as prescribed in the fee table under Regulation 4(3) of the IBBI (liquidation process) Regulations, 2016 be and is hereby ratified. 9. Since no Resolution Plan is received by this Authority under Sub-section (6) of Section 30 of the I B Code, 2016, before the expiry of the maximum period of the Corporate Insolvency Resolution Process, the CD has to be ordered for Liquidation. ORDER 9.In view of the facts and circumstances recorded by Resolution Professional in CA/452/C-III/ND/2019 filed in CP/IB/251/ND/2018 and in exercise of powers conferred under Sub-Clauses (i) (ii) and (iii) of Clause (a) of Sub-Section (1) of Section 33 of the I B Code, 2016, this Authority proceeds to pass Liquidation Order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Company Liquidator viz., Mr. Anil Kumar 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 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 Liquidator as may be required by him in managing the affairs of the Corporate Debtor. IX. The Company Liquidator shall be entitled to charge such fees for the conduct of the liquidation proceedings and in such a proportion to the value of the liquidation estate assets as specified under Regulation 4 (2) of Insolvency and Bankruptcy Board of India (Liquidation Process) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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