9911796707
TMI Blog2022 (3) TMI 455X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The facts in brief are that the operational creditor, Mr. Ram Pal Toshniwal, sole proprietor of M/s. Ridhi Sidhi, had filed an application under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The said application was admitted by this Tribunal on 19.11.2019 initiating CIRP against the corporate debtor and appointed Mr. Prashant Agrawal as the Interim Resolution Professional (IRP). The IRP made the Public Announcement in 'Form A' in respect of initiation of CIRP. 3. Pursuant to the aforesaid order dated 19.11.2019, the applicant made a public announcement in accordance with section 15 of the code read with regulation 6 of the Chapter III of the IBBI (Insolvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re to combat and contain spread of COVID-19 and said time period has been excluded from the calculation of computing the period of CIRP by IBBI by inserting regulation 40C of the IBBI(Insolvency Resolution Process for Corporate Persons) regulations, 2016. However, till the date of 25.03.2020. a total period of 127 days have already been passed before imposition of lockdown, and CoC must decide to extent the time limit of CIRP or go to liquidation as per section 33 of the Code, 2016, since no one have shown interest to submit expression of interest and subsequently resolution plan. 7. That under the said agenda, one of the operational creditor, Mr. Anand Toshniwal proposed that both the operational creditors i.e. M/s. Ridhi Sidhi and M/s. R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an on or before 15.06.2020 therefore, the meeting of CoC have decided to discuss this agenda for next meeting to be held soon after 15.06.2020. 9. That after non-receipt of resolution plan on or before 15.06.2020, the RP again called and conducted fourth meeting of committee of creditors on 22.06.2020 with an agenda ITEM No. 4, "To report to the committee of Creditors regarding Non-receipt of Resolution Plan and to consider initiation of liquidation under 33 of IBBI, code, 2016" wherein the RP proposed before the member of committee of creditors to approve liquidation process against the corporate debtor and sought vote for the same. The said matter was discussed and the members of the committee of creditors with 100 percent voting rights ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation number IBBI/IPA-001/IP-P00053/2017-18/10127, is appointed as Liquidator in terms of Section 34(1) of the Code. b. Mr. Prashant Agrawal, 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 (Regulations); 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. The Order of Moratorium passed under Section 14 of the Code shall cease to have its effect and that a fresh Moratorium under Section 33(5) of the Code shall commence; e. The Liquidator is directed to proceed with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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