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TMI Blog2020 (3) TMI 1396X X X X Extracts X X X X X X X X Extracts X X X X ..... de. It is found that he is eligible to be appointed as Liquidator for the Corporate Debtor. Since several home buyers are involved in the issue and majority of them are not interested to participate in the process of CIRP by participating in voting of respective resolutions placed for voting, an experienced Resolution Professional is required to be appointed. Therefore, it is a fit case to initiate Liquidation in respect of the Corporate Debtor by appointing the said Liquidator. M/s. Samruddhi Realty Ltd. Respondent/Corporate Debtor to be liquidated in the manner as laid down in Chapter III (Liquidation process) Part II of the Code - application allowed. - I.A. No. 116 and 2020 of 2020 in C.P. (IB) No. 189/BB/2018 - - - Dated:- 13-3-2020 - Rajeswara Rao Vittanala, Member (J) and Ashutosh Chandra, Member (T) For the appearing parties: Pradeep Joy, Ashwin R.A. and A. Hareesh ORDER Rajeswara Rao Vittanala, Member (J) 1. I.A. No. 116/2020 in C.P.(IB) No. 189/BB/2018 is filed by Mr. V.V. Krishnamurthy (Applicant/Resolution Professional) U/s. 33(1) of the IBC, 2016 R/w Rule 11 of the NCLT Rules, 2016, by inter-alia seeking to liquidate the Corporate Debtor u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vember 19th, December 10th, December, 23rd, December 25th 2019, for extending due date for submission of Resolution Plan. All the revised Form G's were updated on Company website and IBBI portal. The Form G was also uploaded on the Corporate Debtors website (4) It is submitted that, in the Third CoC meeting on 19th July 2019 and CoC has appointed EY Restructuring LLP as process and bid advisor to RP during the CIRP. The COC members have also approved raising of Interim Finance to the extent of INR 1 Crore (Rupees One Crore Only) for meeting the process costs and operational overheads of the Company. In fourth CoC meeting was held on 14th August, 2019, resolved to extend the time to EOI accordingly with CoC's approval, a revised Form G was published on 19th August, 2019 extending the due date of submission of Expression of Interest to 31st August, 2019. (5) It is submitted that, in the fifth CoC meeting on 9th September, 2019. In the said meeting they have discussed that they have received a total of 10 EOIs till 9th September, 2019. The following were classified as eligible prospective resolution applicants in the provisional list issued on 5th September, 2019: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Applicants was issued on 16th September, 2019, after considering the objections to the Provisional List of eligible prospective Resolution Applicants, received up to 10th September, 2019, as per timelines stipulated in published Form G. The RP had also informed that Accurate Developers Private Limited had not raised a formal objection to its non-inclusion in the list and only subsequent to 10th September, 2019, provided certain additional documents for consideration. Based on the discussions and views of other CoC Members in the meeting, the RP was directed to provide access of the data room containing the information memorandum and process memorandum (Request for Resolution Plan and Evaluation Matrix) to Accurate Developers Private Limited, on signing Non-Disclosure Agreement. The CoC also directed the RP to inform Accurate Developers Private Limited that their eligibility to submit resolution plan shall be decided only upon receipt of audited financials for 31.03.2019 and on meeting the eligibility criteria as stipulated by CoC. (9) In the 8th COC meeting held on 18th December, 2019, wherein informed the COC members that the last date for submission of resolution plan as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor and the extended CIRP period also ends on 17.02.2020, there is a necessity to file a liquidation Application for Liquidation of the Corporate Debtor. Therefore, sought for CoC's approval for filing the same. The Resolution Professional also informed the COC that would be willing to file his consent to be appointed as the Liquidator for Corporate Debtor, in case the RP continuation as Liquidator is voted in his favour by CoC. Accordingly, the resolutions of the 12th COC meeting were put to vote from 15th February, 2020, 12.00 PM to 16th February, 2020, 6.00 PM. The resolution with regard to filing Application for liquidation of the Corporate Debtor under Section 33 of the Code, was not passed as only 39.52% voted in its favour and 59.46% either abstained or did not vote. Further, resolution with regard to his appointment as Liquidator was also not passed, as only 38.33% voted in favour. Only resolution that was voted in favour (with 58.67% voting in favour) was the contribution of liquidation costs as per Regulation 2A of IBBI (Liquidation Process) Regulations. As per this resolution, the CoC has approved contribution of ₹ 98,77,020/- within 7 days of passing of the li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h, 2020 to act as Liquidator of the Corporate Debtor i.e. M/s. Samruddhi Realty Ltd., U/s. 34 (1) of the IBC, 2016, by inter alia declaring that he is registered with the Board as an Insolvency Professional; he is currently serving as a Resolution Professional/Interim Resolution Professional in M/s. Sagar Power Neerukatte Private Limited; Arun Shelters Pvt. Ltd., Indiranagar Chit Funds and Trading Co. Pvt. Ltd., and M/s. B.T. and F C Pvt. Ltd., and as Liquidator in one Voluntary Liquidation proceedings; he is not subject to any disciplinary proceedings initiated by the Board of HIP of ICAI; he do not suffer from any disability to act as Liquidator etc. Therefore, we found that he is eligible to be appointed as Liquidator for the Corporate Debtor. Since several home buyers are involved in the issue and majority of them are not interested to participate in the process of CIRP by participating in voting of respective resolutions placed for voting, an experienced Resolution Professional is required to be appointed. Therefore, it is a fit case to initiate Liquidation in respect of the Corporate Debtor by appointing the said Liquidator. 5. In view of the above facts and circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X
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