9911796707
TMI Blog2022 (4) TMI 570X X X X Extracts X X X X X X X X Extracts X X X X ..... pti Mukesh, Member (J) And Kaushalendra Kumar Singh, Member (T) For Appearing Parties: Garima Malhotra, Nipun Singhvi, Pratik Thakkar, Dhruvit Shah, Advocates, Kiran Shah, PCA and S.K. Agarwal, ERP ORDER Kaushalendra Kumar Singh, Member (T) 1. This is an application filed by the Resolution Professional (hereinafter referred to as RP ) under Section 33(2) and 34(1) of Insolvency 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 Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per Regulation 36A(1) of the Insolvency and Bankruptcy (Insolvency Resolution Process for Corporate Persons Regulations, 2016, in the newspaper i.e. Divya Bhaskar (Gujarati) and Indian Express (English) on 29.12.2019, respectively and the last date for submission of expression of interest was 28.01.2020. (vi) In the 5th meeting of CoC on 01.07.2020 wherein irregularity in conducting the CIRP was re-discussed 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 corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Persons) Regulations, 2016 i.e. from 25.03.2020 to 31.05.2020 ended on 17.09.2020; however, considering the exclusion of the aforementioned period of lockdown of 68 days i.e. from 25.03.2020 to 31.05.2020, the maximum period of 330 days has not been completed as on date which shall end on or around 16.11.2020 and accordingly, the present application is preferred before the Adjudicating Authority well within the time limit 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 fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of interest was 23.12.2020. (xv) The applicant had convened 10th meeting of the CoC on 07.10.2021. The applicant had communicated more than 200 Travel Agencies out of them 2 parties, 1) Mr. Harsh Vardhan Reddy and 2) Ms. Mona Harsh Kotak had submitted expression of interest in respect of the corporate debtor, however, till 23.12.2020 the applicant had not received any resolution plan from the prospective resolution applicants. (xvi) The applicant 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 Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approve revised resolution plan submitted by Modern Tours Travels; 2. to approve the cost of Resolution Professional; 3. to approve the initiation of Liquidation Process; 4. to approve the best estimates of liquidation cost and the value of the liquid assets available to meet liquidation cost, to approve a plan providing for contribution for meeting the difference between the two, in accordance with Regulation 39B of the CIRP regulations; 5. to approve the assessment 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the decision of COC should not be interfered. The present application seeking liquidation of the Corporate Debtor M/s. Eagle Corporation Private Limited, in the manner laid down in Chapter III of Part II of the Code is allowed. 6. We appoint RP Mr. Dhaval Jitendrakumar Mistry who has also consented to act as Liquidator and filed his written consent, having registration No. IBBI/IPA-001/IP-P-01853/2019-2020/12849, having address at 9-B, Vardan Complex, Nr. Vimal House, Lakudi Circle, Navrangpura, Ahmedabad 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
