9911796707
TMI Blog2020 (1) TMI 1570X X X X Extracts X X X X X X X X Extracts X X X X ..... R., Hon'ble Member (Judicial) And Shri Harish Chander Suri, Hon'ble Member (Technical) MR. BINAY SINGHANIA, FCA RESOLUTION PROFESSIONAL MR. ATUL SUREKA, ADVOCATE FOR RESOLUTION PROFESSIONAL ORDER Per Shri Harish Chander Suri, Hon'ble Member (T): 1. By way of orders passed on 2nd August, 2019 this petition was directed to be admitted and Corporate Insolvency Resolution Process initiated against the Corporate Debtor M/s. Gee Pee Infotech Pvt. Ltd., As usual moratorium was ordered and appointment of Mr. Binay Kumar Singhania was made as an Interim Resolution Professional to perform the duties assigned to the IRP/RP under the Code. 2. In his first Progress Report dated 2nd September, 2019 the IRP submitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it was understood that chances of getting a Resolution Plan are rare. Discussion about EOI and Evaluation Matrix was taken up and the Financial Creditor was requested to give undertaking of confidentiality for the purposes of the sharing of Information Memorandum. 4. It was further submitted that the RP had requested the Corporate Debtor to provide certain relevant information under the provisions of the Code and the Regulations for smooth running of CIRP but the suspended Board of Directors failed to provide certain information and were not cooperative with the appointed Valuers, even though the Valuers visited the office of the Corporate Debtor personally but that did not yield any result. It is further submitted that in compliance wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Meeting of the COC on 15.01.2020. 7. It is submitted that a suggestion was made to the COC members either to reissue the EOI or go for liquidation wherein the COC members did not take any decision and on expiry of 180 days, the Corporate Debtor will be going for Liquidation. The RP discussed about Regulation 39B of IBBI (Insolvency Resolution Process for Corporate Debtor), 2016 as regards liquidation costs. In the 5th COC meeting held on 27th January, 2020, the RP informed the COC that 180 days of CIRP are going to expire and he has not received any EOI in the matter. In the absence of any viable resolution plan received by the Resolution Professional, the Corporate Debtor will go for liquidation. It was then decided that fee of Rs.50,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or has been ordered to be liquidated. Mr. Binay Kumar Singhania, an Insolvency Professional who is holding IBBI registration No. IBBI/IPA-001/IPP00041/2017-18/10102 is appointed as the Liquidator and act in accordance with Rule 12 of Liquidation Process Regulation 2016 and submit the Preliminary Report as per Regulation 13 of the said Code. (ii) The Registry is directed to communicate this order to the Registrar of Companies, West Bengal and to the Insolvency and Bankruptcy Board of India. (iii) The order of moratorium passed under section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh moratorium u/s 33(5) of the Insolvency and Bankruptcy Code shall commence. (iv) This order shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
