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TMI Blog2020 (10) TMI 1297X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the "Code") for issuance of directions for liquidation to Corporate Debtor, M/s.Mrgra Industries Limited. 2. The facts in brief are that one of the financial creditor, had filed an application under Section 7 of the Code bearing number IB- 866 (PB)/2018 for initiation of Corporate Insolvency Resolution Process (CIRP), against the Corporate Debtor. The said application was admitted by this Tribunal on 15.03.2019 initiating CIRP against the Corporate Debtor and there in, appointed Mr. Rajender Kumar Girdhar, as the Interim Resolution Professional (IRP). 3. Thereafter, the Applicant had issued public announcement in Form-A, dated 29.03.2019, which was publish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpiled result of voting after conclusion of e-voting; the resolution was approved by the CoC by 92.99% of voting share in favour. This bench by its order dated 11.10.2019, allowed the application and granted extension of time of 90 days beyond 22.09.2019, which has since expired on 22.12.2019. 6. In anticipation of grant of extension of 90 days by this Adjudicating Authority, another invitation for Eol was made by fresh Form-G on 27.09.2019, the last date for receipt of resolution plan was stipulated to be 21.11.2019. In pursuance of the same one resolution applicant, namely, M/s. Sarvesh Exports Private Limited submitted a Resolution Plan on 21.11.2019 and corrigendum to resolution plan on 20.12.2019. However, the same was found non ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agreed by the Committee of Creditors in consultation and agreement with the resolution professional through e-mail circulation. RESOLVED FURTHER THAT the Committee of Creditors hereby authorize Mr. Rajender Kumar Girdhar, Resolution Professional to do all acts, deeds and matters as may be necessary to give effect to this resolution." 8. Therefore, in accordance with Regulation 27 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 ("CIRP Regulations"), the erstwhile IRP had appointed two registered valuers, i.e., Mr. Lakhan Lal Gupta and Mr. Vijay Vinod Bhatia, to determine the liquidation value of the Corporate Debtor in accordance with Regulation 35 of CIRP Regula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the relevant rules and regulations. g, The Liquidator shall follow up and continue to investigate the financial affairs of the Corporate Debtor in accordance with provisions of Section 35(1) of the Code. h. The liquidator shall also follow up the pending applications for their disposal during the process of liquidation including initiation of steps for recovery of dues of the Corporate Debtor as per law. i. The Liquidator shall submit Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016; j. Copy of this order be sent to the financial creditors, corporate debtor and the Liquidato ..... X X X X Extracts X X X X X X X X Extracts X X X X
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