9911796707
TMI Blog2022 (5) TMI 758X X X X Extracts X X X X X X X X Extracts X X X X ..... ts 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 Corporate Debtor and Mr. Shravan Kumar Vishnoi was appointed as the Interim Resolution Professional (IRP). 3. Further, the 1st meeting of CoC was held on 29.08.2019 and IRP Mr. Shravan Kumar Vishnoi was confirmed to be appointed as Resolution Professional of the Corporate Debtor. 4. The 2nd CoC meeting was held on 23.09.2019, the resolution professional appointed the registered Valuers, Transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r publishing the Form-G again for inviting the expression of interest on 11.01.2020, had convened the 06th CoC meeting on 07.02.2020 to discuss the outcome of issuance of FORM-G and non-receipt of any new expression of Interest from the Prospective Resolution Applicant, apart from existing expression of Interest which was received at the time of first publication of Form-G on 14.10.2019. 11. The Resolution Professional accordingly issued the provisional and final list of Prospective 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inability to attend the meeting either in person or through video conferencing. 15. After rigorous follow-ups and requests, the RP could convene 08th Meeting of Committee of Creditors, which was held on 08.07.2020. The Committee of Creditors in this meeting, after having discussion on the Resolution Plan received from the Prospective Resolution Applicant, decided to put the matter for Approval or Rejection of Resolution Plan through e-voting so that the same may be decided by the higher authorities of financial creditors. Accordingly, the e-voting was commenced on 11.07.2020. The period of e-voting was extended on the request of one of the members of CoC i.e. Punjab National Bank and finally the e-voting was closed on 18.07.2020. All the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 liquidation application as the CoC did not decide on the name of liquidator and about its remuneration in this 24.07.2020 CoC meeting. 20. On the request of Financial Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional be and is hereby appointed as the Resolution Professional by replacing existing resolution professional Mr. Shravan Kumar Vishnoi." After E-Voting, the voting result was as under: Name of the Bank Voting share 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 COC 23. Subsequently, 11th CoC meeting was conducted on 07.12.2021 wherein, it was approved to file a fresh application 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oard of India; c. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; d. This order shall be deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; e. The Liquidator is directed 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. f. The Liquidator shall follow up and continue to investigate the financial affairs of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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