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TMI Blog2022 (2) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... esolved by 100% voting share to liquidate the Corporate Debtor. Prayers as sought for in application filed by Mr. Anshul Gupta RP of Shamken Cotsyn Limited, the Corporate Debtor, is allowed and the Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Code read with sub-section (1) thereof - liquidator as provided under section 34(1) of the Code is appointed - application allowed. - CA No. 86/ALD/2019 and CA No. 64/ALD/2019 in CP (IB) No. 132/ALD/2017 - - - Dated:- 31-1-2022 - Rajasekhar V. K. , Member ( J ) And Prasanta Kumar Mohanty , Member ( T ) For Appearing Parties : Milan Negi , Dinkar Singh and Arun Saxena , Advocates ORDER Rajasekhar V. K. , Member ( J ) 1. This court convened via vid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 50 Lakhs was not provided, hence such Resolution Plan was not put before CoC for its consideration. 5. Thereafter, CoC directed RP to issue fresh Form-G which was done and one Resolution Plan was received. However, this Resolution Plan was also withdrawn before the approval of the same by the CoC. 6. Therefore, in the 11th CoC meeting which was convened on 18.02.2019, the CoC decided to proceed with the liquidation of the Corporate Debtor with 100% voting share as the Resolution Plan was withdrawn by the Resolution applicant at the last moment. The RP also submitted to CoC that he was not willing to function as liquidator and to appoint another professional as liquidator. Subsequently on 22.02.2019, it was intimated by ARCIL, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... however, to his possessing a valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2019. c. The Liquidator shall initiate liquidation process as envisaged under Chapter-III of the Code and the Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. d. Public Notice shall be issued in the same newspapers in which advertisements were issued earlier during the CIRP, stating that the Corporate Debtor is in liquidation. e. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edi, under section 60(5) of Code with the prayer to stay the decision of CoC taken to move the corporate debtor into liquidation in 11th COC meeting held on 18.02.2019. 12. The CIRP of the corporate debtor has commenced on 29.05.2018, i.e., more than three and a half years ago. It is not the case of the applicant in CA No. 64/ALD/2019 that any resolution plan has been received or that such plan has not received consideration by the CoC. At this point of time, when there are no resolution plans in respect of the corporate debtor filed from any quarter, we do not find any infirmity in the decision of the CoC to liquidate the corporate debtor. The CIRP cannot be extended indefinitely until a resolution plan is received. That will defeat the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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