9911796707
TMI Blog2022 (7) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... Applicants but the sole member of CoC has rejected all the resolution plans submitted by the Prospective Resolution Applicants in its 9th meeting dated 18.02.2022 (through e-voting dated 20.02.2022). The CoC in that very meeting also resolved to liquidate the Corporate Debtor by 100% vote. It is also resolved that the applicant herein be appointed as a Liquidator. A copy of the written consent of the liquidator is also available on record wherein the applicant has stated that no Disciplinary Proceeding is filed or pending against the Applicant. The CoC also passed the resolution that the liquidator may first explore selling the Corporate Debtor as a going concern under Regulation 39C CIRP Regulations read with regulation 32 (e ) of the Liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... short CoC ) comprised of a sole member viz. Punjab National Bank (Erstwhile Oriental Bank of Commerce). (ii) The first CoC meeting was held on 12.04.2021 wherein the name of the IRP was confirmed for the Resolution Professional. The Applicant published Form G for submission of Expression of Interest ( EoI ) by the Prospective Resolution Applicants. The last date of submission of the EoIs was 20.05.2021. In response to the publication of Form G, 10 (ten) inquiries were received by the applicant from the Prospective Resolution Applicants. However, some of them could not submit the EoIs. The CoC in the 3rd meeting dated 03.06.2021 resolved to extend the date for submission of Expression of Interest, and Form G was again published ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Form - G on 03.09.2021, with a note clearly indicating that such extension was subject to the approval of this Adjudicating Authority. The CoC in that very meeting also resolved to extend the period of CIRP by 90 days beyond 180 days as CIRP was to be expired on 11.09.2021. This Adjudicating Authority vide order dated 28.09.2021 granted the extension of 90 days in IA 639 of 2021. (v) In view of the publication of Form-G on 03.09.2021, 3 (three) resolution plans were received from the Prospective Resolution Applicants viz. (a) Sanjay Tejura and Ketan Dhruv (Jointly); (b) Malay RohitKumar Bhow; and (c) Raj Radhe Finance Limited. The CoC in its 6th meeting dated 22.11.2021 informed the applicant to ask the Prospective Resolution Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidator may first explore selling the Corporate Debtor as a going concern under clause (e )of regulation 32 of the IBBI (Liquidation Process) Regulations, 2016 (hereinafter referred to as Liquidation Regulations ) and under regulation 39C of the IBBI (Insolvency Resolution Process for the Corporate Persons) Regulations, 2016 (hereinafter referred to as CIRP Regulations ). The CoC has also resolved to appoint the applicant as a liquidator. 3. This Adjudicating Authority vide order 08.03.2022, directed the applicant to produce on record the resolution of the CoC under Regulation 2A of the Liquidation Regulations for the contribution of liquidation costs. This Adjudicating Authority directed to the applicant vide order dated 09.05.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n be appointed as a Liquidator. A copy of the written consent of the liquidator is also available on record wherein the applicant has stated that no Disciplinary Proceeding is filed or pending against the Applicant. The CoC also passed the resolution that the liquidator may first explore selling the Corporate Debtor as a going concern under Regulation 39C CIRP Regulations read with regulation 32 (e ) of the Liquidation Regulations and also passed a resolution under regulation 39B of CIRP Regulations read with regulation 2A of Liquidation Regulations to contribute estimate liquidation cost of Rs. 11,00,000/- for 6 (Six) months. 6. In view of the above observations, we are of the considered view that there is no option but to pass an order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation process of the Corporate Debtor, further, the Liquidator shall also provide all co-operation to a various Government agency (s)/ authority(s) in ongoing investigations/ inquiry or inquiries initiated hereafter. (vi) The Liquidator will charge fees for the conduct of the liquidation proceedings in proportion as set out in the 9th Coc Meeting dated 18.02.2022. (vii) From the date of this order, subject to Section 52 of the IB Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor provided that a suit or other legal proceeding may be instituted by the liquidator on behalf of the Corporate Debtor with the prior approval of the Adjudicating Authority as per sub-section 5 read with sub-se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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