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TMI Blog2022 (1) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... Chapter III of the Code. The Corporate Debtor, Belgium Aluminum Glass Industries Private Limited, shall be liquidated - Application allowed. - IA No. 875 of 2021 in C.P. (IB) No. 1945/MB/2019 - - - Dated:- 24-12-2021 - Bhaskara Pantula Mohan, Member (J) And Narender Kumar Bhola, Member (T) ORDER Bhaskara Pantula Mohan, Member (J) 1. This is an application filed by the Resolution Professional Mr. Ravindra Chaturvedi under Section 33 of the Insolvency and Bankruptcy Code, 2016 (the Code) for initiating Liquidation Process against the Belgium Aluminum Glass Industries Private Limited (Corporate Debtor). 2. The facts leading to the Application are as under. a. Corporate Insolvency Resolution Process (CIRP) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t two major agendas before the CoC members in its 3rd meeting held on 03.02.2020. First Resolution for extension of CIRP Period by 90 days as the 180 days of the CIRP will ended on 09.03.2020 and second for liquidation of the CD if the first resolution comes in negative, however both the resolutions were not approved with 66% voting shares of the CoC members. f. In the 4th CoC meeting held on 29.02.2020, the Applicant recommended to the CoC only one main Agenda i.e., Extension of CIRP, however resolution was not approved by the CoC with 100% voting. Therefore, as per section 33(1)(a) read with Regulation 39C of the IBBI(CIRP) Regulations 2016, the Corporate Debtor will required to be liquidated. g. The resolution for liquidation w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. (2) Where the resolution professional at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors approved by not less than sixty-six per cent, of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). (3) Where the resolution plan approved b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of CoC in its 4th meeting resolved to sale the Corporate Debtor as Going Concern as under Regulation 39C of the Regulations. The Regulation 39C is as under: 39C Assessment of sale as a going concern: (1) While approving a resolution plan under section 30 or deciding to liquidate the corporate debtor under section 33, the committee may recommend that the liquidator may first explore sale of the corporate debtor as a going concern under clause (e) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 or sale of the business of the corporate debtor as a going concern under clause (f) thereof if an order for liquidation is passed under section 33. (2) Where the committee recommend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , Belgium Aluminum Glass Industries Private Limited, shall be liquidated in the manner as laid down in Chapter-III of the Code with the following directions: a) Mr. Kamal Kishor Gurnani, Registration No. 1BBI/IPA-001//IP-PO1227/2018-2019/12338, email id: [email protected] is appointed as Liquidator. He shall be entitled to fees payable during the Liquidation period under regulation 39D. b) The Liquidator shall endeavour to sale the Company as a going concern during the liquidation in terms of Regulation 39C of the Liquidation Process Regulations. In case he is not able to do so within a period of 90 days from this date, he shall proceed in accordance with clauses (a) to (d) of Regulation 32 of the Liquidation Process Regul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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