9911796707
TMI Blog2022 (6) TMI 719X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order of liquidation where no resolution plan is received before the expiry of the CIRP. Sub-section (2) thereof requires the Adjudicating Authority to pass the liquidation order where the Resolution Professional intimates to the Adjudicating Authority the decision of the Committee of Creditors approved by not less than 66% of the voting share to liquidate the Corporate Debtor - Reading these two provisions together, this Adjudicating Authority is left with no option but to order liquidation of the Corporate Debtor. The Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Code read with subsection (1) - Application allowed. - IA(IB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibility of RP. Vide order dated 23/09/2019 this Adjudicating Authority had directed the CoC to appoint another IRP in this matter immediately. Thereafter, vide order dated 03/12/2019 this Adjudicating Authority had appointed Mr. Kanakabha Roy as IRP with direction to the CoC to confirm his appointment within two days as Resolution Professional (in short EX-RP-1 ). At the 2nd CoC meeting held on 05/12/2019, the CoC with 68.89% voting shares had confirmed appointment of the IRP as RP. Form G was published on 25/02/2020 inviting EoI from prospective resolution applicants and the last date of receipt of EoI was fixed on 11/03/2020. But till last date no EoI was received. 4. By an order dated 25/02/2020, RP was directed to file necessary a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2nd adjourned CoC meeting held on 28/02/2022, CoC had decided to replace RP with Mr. Pratim Bayal, an Insolvency Professional. Accordingly, an application being IA(IBC)253(KB)2022 was filed by the CoC for replacement of RP, which is pending for consideration before this Adjudicating Authority. 8. The present applicant had convened the 18th CoC meeting on 17/03/2022, 19th CoC meeting on 02/04/2022, 20th CoC meeting on19/04/2022 and 21st CoC meeting on 06/05/2022 for taking forward the CIRP process under IBC 2016. 9. Mr. Shashi Agarwal, ex-RP 2, had filed an application before the Hon ble High Court at Calcutta for taking over the possession of the assets of Iron Ore in the name of the Corporate Debtor located at Jharkhand so that the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor, is allowed and the Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Code read with subsection (1) thereof; b. Mr. Ashok Kumar Agarwal [Reg. No. IBBI/IPA-002/IPN00626/ 2018-2019/10898], Mobile No. 98310 60452 is hereby appointed as Liquidator as provided under section 34(1) of the Code, subject, however, to his possessing a valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2019. Liquidator is also directed to submit his consent within seven days of the order passed. c. The Mr. Subodh Kumar Agrawa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator. j. In terms of section 33(1)(b)(iii), the Liquidator shall file a copy of this Order with the Registrar of Companies, West Bengal, Kolkata, within whose jurisdiction the Corporate Debtor is registered. Additionally, the Registry shall also forward a copy of this Order to the Registrar of Companies, West Bengal, Kolkata. 15. The application bearing IA(IBC)/470(KB)2022 shall stand disposed of in accordance with the above directions. 16. CP(IB)/980(KB)2018 to come up for filing of periodical report on 16/08/2022. IA(IBC)/253(KB)2022 17. This is an application filed ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
