9911796707
TMI Blog2022 (7) TMI 461X X X X Extracts X X X X X X X X Extracts X X X X ..... rational Creditor) against the Corporate Debtor under Section 9 of the IBC, 2016 was admitted by this Tribunal by order dated 21.11.2019. In the instant case no Interim Resolution Professional was proposed by the operational creditor. Therefore, this Tribunal appointed Mr. Ravi Setia as IRP. The IRP made a public announcement dated 11.01.2020 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. In the present application, it is prayed that Mr. Naresh Kumar Goel, the Resolution Professional should continue as Liquidator in terms of Section 34(1) of the IBC Code, 2016; to exclude the period of lockdown from 22.03.2020 to 15.11.2020 from CIRP timeline; and to direct the Corporate Debtor/CoC to remit an amount of Rs.10,57,874/- towards expenses and fees of the RP and counsel of the Corporate Debtor. It is further claimed that an amount of Rs.18,81,644/- is total expenses and fees payable to the RP and counsel of the corporate debtor out of which Rs.10,57,874/- till the date of filing of the liquidation application i.e. 18.02.2021 and balance amount of Rs.8,23, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency Bankruptcy Board of India. 6. It is averred by the applicant that the third Meeting of Committee of Creditors was held on 31.07.2020 and proposed application under Section 33(2) to be filed before this Tribunal for initiation of liquidation of the corporate debtor. The CoC Members In-Principle decided that the same to be filed. However, the representatives of Indian Bank submitted that authorization from the appropriate authority is required, therefore, the Agenda is deferred for the next CoC meeting. Minutes of the third CoC meeting is attached as Annexure 11 of the application. 7. It is contended by the Resolution Professional that numerous representations were made to the Indian bank, financial creditor having 98.81% voting rights for the conduct of next CoC meeting. It is submitted that the fourth CoC meeting took place on 06.01.2021. In the said meeting, CoC has passed the resolution for liquidation of the corporate debtor with 100% voting vide Item No. 9 of the aforesaid meeting. In the same meeting, the Members of CoC discussed on the Agenda concerning Regulations 39B, 39C 39D of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 05.2020 at Item No. 11, the Members noted that the Indian Bank, Sole Member of CoC had offered a consolidated sum of Rs.75,000/- plus applicable taxes payable to the IRP Mr. Ravi Sethia towards the IRP fees. The same was accepted by Mr. Ravi Sethia and the above is approved by CoC with 100% votes in favour of the above said resolution. At item No. 12 of the above said CoC meeting appointment of Mr. Naresh Kumar Goel as Resolution Professional of corporate debtor w.e.f. 18.03.2020 at a remuneration of Rs.50,000/- per month plus applicable taxes and out of pocket expenses, if any, was put to vote and the aforesaid resolution was passed with 100% votes of the CoC. 14. In the present matter, the petition was admitted by this Tribunal vide order dated 21.11.2019 and the first CoC meeting was held on 25.01.2020 where the decision to replace the IRP was taken and the current Insolvency Professional was appointed as Resolution Professional w.e.f 18.03.2020. The decision to liquidate the corporate debtor was taken in Fourth CoC meeting which was held on 06.01.2021, whereas the instant IA was filed vide diary No.00309 dated 24.02.2021. 15. It is to be noted that the time period prescri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een allowed vide order dated 05.01.2022 of this Bench. 17. In view of the satisfaction of the conditions provided under Section 33 of the Code, the Corporate Debtor i.e. Calzini Fashions Limited is directed to be liquidated in the manner as laid down in Chapter III of the Code. 18. 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. Naresh Kumar Goel bearing Registration No. IBBI/IIPA-002/IP-N00696/2018-2019/12323, resident of 203, Vardhman Star Mall, Sector 19, Near Badkhal Mor Metro Station, Faridabad, Haryana-121 002, Mob No.9899102276, e-mail: [email protected] is hereby appointed as liquidator; iii. The liquidator is directed to take custody and control of the assets, property of the Corporate Debtor with immediate effect and made a public announcement clearly stating that the Corporate Debtor is under Liquidation in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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