9911796707
TMI Blog2022 (2) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... eld on 21.06.2021 with 100% vote share approved the liquidation of the Corporate Debtor after having explored all the possibilities of reviving the Corporate Debtor. This Tribunal under the circumstances, taking into consideration the provisions of law and since the Insolvency Resolution Process Period has expired, passes an order for liquidation of the corporate debtor 'M/s. Paramex Transformers Limited', and the incidence of liquidation will follow from the date of this order in terms of the provisions of the IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 - application allowed. - I.A. No. 5965/(ND)/2021 and IB-1125/(ND)/2019 - - - Dated:- 11-2-2022 - P.S.N. Prasad, Member (J) And Rahul Bhatnagar, Member (T) For the Appellant : Divya Jagga, Advocate ORDER P.S.N. Prasad, Member (J) 1. This is an application filed by Mr. Sumit Shukla, the Resolution Professional of the Corporate Debtor 'M/s. Paramex Transformers Limited', seeking to consider the present application under section 33(2) of the Insolvency and Bankruptcy Code, 2016 for Liquidation of the Corporate Debtor and to appoint the Resolution Professional as Liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irectors of the Corporate Debtor attended any of the COC meetings conducted by the RP in the entire CIRP except once i.e., the 7th COC meeting held on 04.09.2021, wherein one of the Directors of the suspended board Mr. Hemant Agarwal joined the COC meeting through WhatsApp for a few minutes in respect of the One Time Settlement (OTS) proposal. vi. The Applicant further submitted that counsel Sh. Manish Raghav (who has been representing the suspended directors in the COC meetings) informed the COC that the suspended directors were willing to settle the matter under the provisions of section 12A of the code and further sought time till 15.06.2021 to submit the same. He further assured the COC that the suspended management would revert back with the details as well as whereabouts of the records of the Corporate Debtor by 15.06.2021. vii. Therefore, the COC based upon the submissions made by the representative of the Suspended Directors in the 5th COC meeting, by way of 100% vote share approved the above said submissions made by counsel of suspended Directors Sh. Manish Raghav on 29.05.2021. viii. The applicant has stated that the suspended management of the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g on behalf of the ex-management is belated and ex-management should have cooperated on all the matters as sought by the IRP/RP repeatedly in last several months. Accordingly, the RP sought the views from the COC regarding the CD and highlighted that the last date of the CIRP is 29th June 2021 and in response the COC asked the RP to put the agenda for voting for the Liquidation/Dissolution of the Corporate Debtor which is defunct for last seven years and thus could not achieve the successful resolution during the CIRP Process. They further added that non-cooperation during CIRP as well as conduct prior to the commencement of the CIRP on ex-management's part are reasons due to which the Corporate Debtor will slip into Liquidation. COC further added that the COC has exhausted (duly approved by Hon'ble NCLT as well) attempts to keep the CD as a going concern by way of extension and various exclusions which include specific exclusion as sought by Adv Manish Raghav in the 5th COC meeting however the ex-management did not make any formal submissions and choose to abstain from the 6th COC meeting which clearly reflects that the ex-management has consistently acted against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... realizing that the suspend directors were only making submissions for OTS in order to gain time and delay the CIR Process. The Applicant also stated that the CIRP timeline had ended on 29.06.2021. Inspite of that, relying on the submissions of the Suspended Board through their advocate the COC had granted excessive time to the suspended directors with an intent to keep the Corporate Debtor as a going concern. 3. The Tribunal directed the Applicant to serve a copy of this application to the Respondent to file his response if any. However, no response till date was received from the Respondent. 4. We have gone through the documents filed and heard the arguments advanced by the Applicant. The submission by the applicant that the Statutory filing had not been done since 2014 and that the previous filings had been done using illegible copies and that the physical records of the Corporate Debtor were still lying with the Directors of the suspended Board which they are not providing after repeated directions were the reasons why the COC had decided to liquidate the Corporate Debtor as well the realization by the COC that the suspended directors were only making submissions for OTS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of this order in terms of the provisions of the IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 and also in terms of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 along with the following directions: a. As per section 34 of IBC, 2016 the Resolution Professional Mr. Sumit Shukla, Insolvency Professional holding registration No. IBBI/IPA-003/IP-N00064/2017-2018/10550, having email id: sumit _shukla@rediffmail. com is appointed Liquidator for the Corporate Debtor. He has submitted his written consent to act as the Liquidator. b. The Liquidator is directed to issue Public Announcement stating that the corporate debtor is in liquidation, in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; c. The Registry is directed to communicate this Order to the Registrar of Companies, NCT of Delhi Haryana and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly in relation to other fiscal and regulatory authorities which gove ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
