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TMI Blog2022 (7) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... II of the Code. The Corporate debtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016 - application allowed. - IA No. 933/2020 In CP (IB) No. 261/Chd/Hry/2019 - - - Dated:- 28-6-2022 - Hon ble Mr. Harnam Singh Thakur, Member (Judicial) And Hon ble Mr. Subrata Kumar Dash, Member (Technical) For the Applicant : Mr. Vinod Kumar Mahajan ORDER Per : Subrata Kumar Dash, Member ( Technical ) IA No. 933/2020 The present application has been filed by the Resolution Professional to liquidate Corporate Debtor under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. In this case, the petition for initiation of CIRP process filed by M/s Glister Hospitality Gurgaon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld on 14.03.2020, in which Resolution Professional tabled the Information Memorandum (IM) before the members of the Committee of Creditors. It is stated that claim was received from Haryana Tax for Rs. 42,53,952/- and the same was admitted on 17.03.2020. The report under Regulation 13(2) and 17(1) dated 19.03.2020, was submitted to the Adjudicating Authority on 16.06.2020 (Annexure-H). 5. It is contended by the applicant that notice was issued on 05.06.2020 for convening the fourth meeting of Committee of Creditors to be held on 08.06.2020. However, the meeting was deferred at the request of Haryana Tax Officer, as they were deployed in Red Zone Area for Covid related duty. Thereafter, applicant again issued notice on 11.08.2020 for conv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to be allowed to cast his vote by email as he did not have authority to cast the vote. It was decided to send email to the remaining members of the CoC who have not cast their vote. Accordingly, email was sent on 15/08/2020 to five members of the CoC along with voting sheet to cast their vote. It is averred that the Resolution Professional received vote in favour of Liquidation from One CoC member having 6.56% of voting share but the other 4 members including Haryana tax did not cast their vote. Thus, no vote was cast against the resolution. The resolution was passed with 100% votes to initiate liquidation process of the Corporate Debtor, of the members casting their vote, representing 37.55% of the total voting shares. 8. The Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, It shall- (i) Pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) Issue a public announcement stating that the corporate debtor is in liquidation; and (iii) Require such order to be sent to the authority with which the corporate debtor is registered. 11. A bare perusal of the provisions shows that there are thre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4th meeting held on 13.08.2020 has resolved to appoint the present RP i.e. Mr. Atul Mittal, Registration No. IBBI/IPA- 001/IP-P00439/2017-2018/10762 as liquidator and he has filed his consent in Annexure-K. In view of the satisfaction of the conditions provided under Section 33 of the Code, the Corporate Debtor i.e. M/s Glister Hospitality Gurgaon Private Limited is directed to be liquidated in the manner as laid down in Chapter III of the Code. 15. Accordingly, by exercising our power under Section 33(1) pass the following order:- i. The Corporate debtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016; ii. Since the Resolution Professional has given his consent to act as Liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016 every fortnightly thereafter; viii. The Liquidator shall take necessary legal action to recover the trade receivables and other credits such as loans and advances from the parties which are reflected in the latest Balance Sheet of the Corporate Debtor, if any. This direction is hereby given in concurrence of the jurisdiction prescribed under Section 33(5) of the Code. ix. On initiation of the liquidation process but subject to Section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the Liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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