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TMI Blog2022 (5) TMI 758X X X X Extracts X X X X X X X X Extracts X X X X ..... a as the Liquidator. The present application u/s. 33(2) of IBC stands allowed and liquidation of the corporate debtor, namely M/s. RS Ingot and Billet Private Limited in the manner as laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant Rules and Regulations, is hereby ordered. - I.A. 499/2022 in Company Petition No. (IB) - 274(PB)/2019 - - - Dated:- 5-5-2022 - Dharminder Singh , Member ( J ) And Avinash K. Srivastava , Member ( T ) ORDER Dharminder Singh, Member (J) 1. This is an application filed by the Resolution Professional, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance of directions for liquidation to Corporate Debtor, M/s. RS Ingot and Billet Private Limited. 2. The brief facts of this case are that, the Financial Creditor, Central Bank of India, had filed an application under Section 7 of the Code bearing number IB-274/(PB)/2019 for initiation of Corporate Insolvency Resolution Process (CIRP), against the Corporate Debtor. The said application was admitted by this Tribunal on 31.07.2019 initiating CIRP against the Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive Resolution Applicant as per the timeline of last published Form-G with existing expression of Interest received by the Resolution Professional up to the date. 12. The Resolution professional accordingly, called the 7th CoC meeting on 12.03.2020 to discuss the receipt of one Resolution Plan from the Prospective Resolution Applicant on or before the last date of submission of Resolution Plan i.e. 07.03.2020. The CoC opened the Plan, discussed and decided that, the decision on the plan would be taken in the next meeting of Committee of Creditors. 13. It is further submitted that, the Corporate Insolvency Resolution Process was going to end on 25.04.2020, but due to COVID-19 Pandemic and declaration of nationwide Lockdown, the operations, all over the country were in a stand still position. The Insolvency and Bankruptcy Board of India vide its notification dated 20.04.2020 has inserted new regulation 40C after Regulation 40B in Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, to that effect, the lockdown period shall not be counted from the CIRP Process, if any activity could not be complete. The Regulation 40C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s held on 24.07.2020 with 100% vote share on the completion of CIRP after completing all the steps prescribed in the Code. The resolution passed by the CoC is reproduced hereunder: RESOLVED THAT the application for liquidation of the corporate debtor be filed before the Hon'ble NCLT, Principal Bench, New Delhi under provisions of Section 33 of Insolvency and Bankruptcy code, 2016. FURTHER RESOLVED THAT Mr. Shravan Kumar Vishnoi, Resolution Professional, be and is hereby authorized to file Liquidation application to the Hon'ble NCLT, Principal Bench, New Delhi under the provisions of Insolvency and Bankruptcy Code, 2016. Name of the Bank Voting share (Round off) Voting Aprrrove/Reject/Abstain Panjab national Bank 83 Approve Central bank of India 17 Approve VOTING RESULT:-The Resolution was approved with 100% Vote Share of the members of the COC. 19. The RP had filed the application No. 3339/2020 for Liquidation on 28.07.2020 along with submitting his consent with the liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on for liquidation. 24. Therefore, the RP is approaching this Tribunal for passing an order of Liquidation of the Corporate Debtor as referred to in section 33(1) of IBC, 2016, as no resolution plan was received by the Resolution Professional under section 30 of the Code. Hence there is no alternative to save the CD, but to go for Liquidation. 25. Lastly, it is seen from the record that the RP Mr. Sharavan Kumar Vishnoi who has filed the present Liquidation Application has annexed the consent form of Mr. Debashish Nanda to act as a Liquidator, for which this Bench is of the considered view that, it is implied that Mr. Shravan Kumar Vishnoi has withdrawn his consent to act as RP as well as Liquidator in the present matter. Therefore, this adjudicating authority in light of Section 34(1) r/w section 34(4)(c) of IBC, 2016, in absence of any written consent submitted by the Mr. Shravan Kumar Vishnoi (RP), in the prescribed form to appoint him as the Liquidator, hereby decided to appoint Mr. Debashish Nanda as the Liquidator. 26. Resultantly, the present application u/s. 33(2) of IBC stands allowed and liquidation of the corporate debtor, namely M/s. RS Ingot and Billet Private ..... X X X X Extracts X X X X X X X X Extracts X X X X
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