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TMI Blog2022 (6) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... Dr. Deepti Mukesh, Member (J) And Ajai Das Mehrotra, Member (T) For the Appellant : Prajakta Menezes, Advocate ORDER 1. The present application filed by the Applicant being the Resolution Professional (hereinafter referred to as RP ) under Section 33(2) and 60(5) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) for passing an order of liquidation of the Corporate Debtor, M/s. VIBRANT FAB PVT. LTD. and appointment of a liquidator of the Corporate Debtor. 2. The facts as narrated in the application and explained by the counsel for the RP are summarized hereunder: (i) The Financial Creditor, M/s. DRIP CAPITAL INC. had filed an application under Section 7 of the Code for initiation of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the 2nd COC meeting held on 11.02.2021, wherein the resolution was passed by the COC for the replacement of IRP and to appoint Mr. Kamal Kishor Gurnani as RP, and the same was approved by this Authority vide order dated 23.03.2021. (v) IRP had filed an application under section 19(2) of the Code against the Suspended Directors and Statutory Auditors of the Corporate Debtor. (vi) In the 4th CoC meeting held on 04.05.2021, the COC had passed a resolution for the appointment of Registered Valuers and Transaction Auditor. (vii) In the 5th CoC meeting held on 04.06.2021, the CoC had passed a resolution for publication of Form G for inviting EOI from the Proposed Resolution Applicants and accordingly the RP published the EOI on 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by not less than 66% of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of Clause (b) of sub-Section (1). [Explanation: for the purposes of this sub-section, it is hereby declared that the committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub-section (1) of Section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum]. 4. Considering the documents and submission made, since the COC in its commercial wisdom has decided to take the Corporate Debtor in liquidation, we are of opini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. 6. As a consequence of the application being allowed, the moratorium as envisaged 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. 7. A copy of the order shall be communicated to the applicant RP and the corporate debtor as well as to the liquidator above named. The liquidator is to be informed of his said appointment by the Registry. In addition, a copy of said order shall also be forwarded to IBBI for its records and ROC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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