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TMI Blog2022 (4) TMI 570X X X X Extracts X X X X X X X X Extracts X X X X ..... y and Bankruptcy Code, 2016 (hereinafter referred to as the "Code") for passing an order of liquidation of the Corporate Debtor, M/s. Eagle Corporation Private Limited. 2. The facts of case are as under: (i) The Operational Creditor, M/s. VE Commercial Vehicles Limited had filed an application under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process (hereinafter referred to as the 'CIRP'), against the Corporate Debtor, M/s. Eagle Corporation Private Limited, which was admitted vide order dated 15.10.2019 and Mr. Sunil Kumar Agarwal was appointed as Interim Resolution Professional (hereinafter referred to as "IRP"). (ii) The IRP under Regulation 6(1) of the Insolvency and Bankruptcy Board of India (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d which also evidently indicates the trust deficit between the CoC and RP. Number of electronic mails exchanged between RP and members of CoC were referred which clearly establish that there was a trust deficit between CoC and RP of the corporate debtor and thus, during said period corporate insolvency resolution process of the corporate debtor was drudged and no substantial duties could be performed even after specific guidance/direction(s) on the part of the members of CoC. (vii) The RP convened 6th meeting of CoC on 18.07.2020 wherein it was resolved to extend CIRP period by 90 days beyond 180 days and was further resolved to change RP of the corporate debtor. Accordingly, application under section 60(5)(c), 12(2), 27 of IB Code read w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of maximum period of 330 days. (x) In the 7th Meeting of CoC on 24.09.2020 it was resolved by 100% of the members to file the present application for exclusion of certain time period from the timeline of CIRP of corporate debtor which has occurred due to pending litigation for the appointment of applicant as RP and further it was also observed that CIRP was also not properly conducted by erstwhile RP on account of trust deficit between CoC and erstwhile RP. (xi) It was informed by the CoC in the 7th meeting that the 5th and 6th meeting held on 01.017.2020 and 18.07.2020 were not ratified by the members of CoC as most of the discussions made in those meetings were not included in the minutes by the RP. That it was also discussed that fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant had convened 11th meeting of the CoC on 08.02.2021 wherein the applicant had received one resolution plan from the prospective resolution applicant i.e. M/s. Modern Tours & Travels on 03.02.2021 (after last date of Resolution Plan 23.12.2020) and the applicant had duly appraised the CoC regarding the same. (xvii) The applicant had convened 12th meeting of the CoC on 05.03.2021 wherein the members of the CoC had resolved to approve the resolution for the exclusion of 60 days in the CIRP period. Also, the members of CoC had discussed the resolution plan received from M/s. Modern Tours & Travels and had approached the resolution applicant to raise the consideration offered as per the resolution plan from 3 crores to 4 crores. (xviii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment of sale as a going concern; 6. to consider the approval of liquidation fees. (xxii) The CoC passed Resolution No. 2 to 6 in the voting' however, the CoC had disapproved Resolution No. 1. (xxiii) The members of the CoC in the 15th meeting dated 18.10.2021 resolved to appoint the applicant as liquidator of the corporate debtor and thus, the applicant submits his written consent dated 18.10.2021 to act as liquidator of the corporate debtor. 3. In view of the aforesaid facts and circumstances, the applicant has preferred the present application seeking liquidation of the corporate debtor. 4. For the sake of ready reference, the relevant provision of section 33(2) of the Code, which is applicable is reproduced hereunder: (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bad 380 014, Gujarat, as liquidator in terms of Section 34(1) of the Code with the following directions: a) The liquidator to issue a 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. b) The liquidator to proceed with the process of liquidation in a manner laid down in Chapter-III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant rules and regulations. c) The liquidator to follow up and continue to investigate the financial affairs of the corporate debtor to determine any undervalued and preferential transactions etc. d) This order is deemed to be a notice o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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