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TMI Blog2022 (3) TMI 993X X X X Extracts X X X X X X X X Extracts X X X X ..... olution Professional (IRP) in the matter of Samson and Sons Builders and Developers Pvt. Ltd. under Section 22(3)(b) of Insolvency and Bankruptcy Code, 2016 (IBC) for seeking the following relief: "Allow the present application and appoint Mr. K Parameswaran Nair (IBBI/IPA-001/IP-P01773/2019-2020/12702) as the Resolution Professional of M/s. Samson and Sons Builders and Developers Pvt. Ltd (Corporate Debtor) to act in accordance with the provisions and regulations under the code and;" 2. The brief facts of the case are that vide order dated 03.11.2021 this Tribunal admitted CP(IB)/05/KOB/2021 filed by Mr. Vijayakumaran J of V.J Constructions (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016 and appointed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the class of creditors for the deposit holders and the home buyers). Thus, e-voting was conducted and 68.47% of the members of CoC voted in favour of the resolution to appoint Mr. K Parameswaran Nair (Reg No. IBBI/IPA-001/IP-P01773/2019-2020/12702) as the RP with a professional fee of Rs. 2,50,000/- (Rupees Two lakh fifty thousand only) plus applicable taxes thereto along with out of pocket at actuals on monthly basis. 4. Therefore, this application has been filed under Section 22(3)(b) of IBC 2016 for permission to appoint Mr. Parameswaran Nair as the RP of the Corporate Debtor M/s. Samson and Sons Builders and Developers Pvt. Ltd. 5. We have heard the learned counsel for the applicant Mr. M.A Shaji, who appeared through video conf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g of the Committee of Creditors shall be held within seven days of the constitution of the committee of creditors. (2) The committee of creditors, may, in the first meeting, by a majority vote of not less than sixty-six per cent. of the voting share of the financial creditors, either resolve to appoint the interim resolution professional as a resolution professional or to replace the interim resolution professional by another resolution professional. (3) Where the committee of creditors resolves under sub-section (2)- (a) to continue the interim resolution professional as resolution professional subject to a written consent from the interim resolution professional in the specified form, it shall communicate its decision to the interim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aran Nair. Hence, this Tribunal appoints Mr. K Parameswaran Nair having Registration No. (Reg No. IBBI/IPA-001/IP-P01773/2019-2020/12702) (E-mail:[email protected]) residing at 37/1736 E, Kripasagaram, Kmruali Road, Kadavanthara, Kochi-20, Ernakulam, Kerala -682020, whose name appears in the panel of IPs for Kochi Bench issued by the IBBI for the period 1.1.2022 to 30.6.2022, as Resolution Professional in this matter to continue with the CIRP of Samson and Sons Builders and Developers Pvt. Ltd, strictly following the IBBI Regulations. He shall file the periodical reports before this Tribunal. The applicant/IRP is directed to hand over the charge along with all documents to the newly appointed Resolution Professional without fail, at any ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion with clause 25 of Schedule-I of IBBI (Insolvency Professional) Regulations 2016 during the 1st Coc Meeting held on 23.12.2021 was not acceptable to the CoC. Furthermore, CoC did not respond positively and the CoC initiated process as contemplated in Section 22(2) to appoint the Resolution Professional; out of the two names of Insolvency Professionals was proposed by the State Bank of India and KFC and the class of creditors for the deposit holders and home buyers were put up for voting and Mr. K Parameswaran Nair was chosen since 68.47% of the CoC members had voted in favor of the resolution to appoint Mr. K Parameswaran Nair as the Resolution Professional for the Corporate Debtor. Upon receipt of the consent from the elected Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X
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