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TMI Blog2022 (7) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 748/2020 1. The present application has been filed by the Resolution Professional to liquidate Corporate Debtor under Section 33(1) (2) of the Insolvency and Bankruptcy Code, 2016. In this case, the petition for initiation of CIRP process filed by State Bank of India (Financial Creditor) against the Corporate Debtor under Section 7 of the IBC, 2016 was admitted by this Tribunal by order dated 05.09.2019. Accordingly, Mr. Mahesh Bansal was appointed as IRP. The IRP made public announcement in prescribed Form A, in accordance with Regulation 6 of IBBI (CIRP) Regulations, 2016 (hereinafter referred to as Regulations) read with Section 13(1)(b) and 15 of the Code. 2. It is submitted that the IRP constituted the Committee of Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I received from M/s. Aggarwal Construction Company on 08.06.2020 and subsequently a resolution plan was also received by the Resolution Professional on 28.07.2020. The same was to be decided in the next CoC meeting. 5. It is contended by the applicant that 8th meeting of Committee of Creditors was held on 14.10.2020, whereby, resolution plan was discussed by the CoC and resolution applicant was asked to increase the bid amount, however, he denied the same and only requested for more time. The same was discussed and it was observed that the resolution applicant was eligible but the plan was not feasible and it did not contain any financial proposals/projections and even the observations made by the Resolution Professional remain non-cured ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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.] 8. A bare perusal of the provisions shows that there are three circumstances under which the liquidation order can be passed by the Adjudicating Authority:- i. before the expiry of the Insolvency Resolution Process period; ii. Maximum period permitted for completion of the Corporate Insolvency Resolution Process under Section 12 or the fast track Corporate Insolvency Resolution Process under Section 56 as the case may be; and iii. If does not receive a resolution plan under sub-section (6) of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor i.e. M/s. Gurdaspur Overseas Limited is directed to be liquidated in the manner as laid down in Chapter III of the Code. 14. Accordingly, by exercising our power under Section 33(2) 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 Liquidator, therefore, Mr. Madan Gopal Jindal bearing Registration No. IBBI/IIPA-002/IP-N00137/2017-2018/10352, at SCO: 7-8, 4th Floor, Jandu Tower, G.T. Road, Miller Ganj, Ludhiana (Punjab)-141003, Mobile No. 9814170354, e-mail: [email protected] is hereby appointed as liquidator; iii. The liquidator is dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate 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 with prior approval of this Adjudicating Authority, as provided in Section 33(5) of the Code read with its proviso. x. That all the powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the liq ..... X X X X Extracts X X X X X X X X Extracts X X X X
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