9911796707
TMI Blog2022 (8) TMI 1000X X X X Extracts X X X X X X X X Extracts X X X X ..... Admitted ) - - - Dated:- 18-8-2022 - HON BLE MR. HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) And HON BLE MR. SUBRATA KUMAR DASH , MEMBER ( TECHNICAL ) For the Applicant : Mr. Harsh Garg , Advocate Mr. Pulkit Goyal , Advocate JUDGMENT PER: HARNAM SINGH THAKUR, MEMBER (JUDICIAL) The instant application is being filed by the Resolution Professional of M/s Hike Leather Private Ltd ( Corporate Debtor ) under section 33 of Insolvency and Bankruptcy Code, 2016 ( Code ) for the initiation of liquidation of the Corporate Debtor. 2. The main Company Petition was filed by the petitioner Financial Creditor i.e. erstwhile Oriental Bank of Commerce (now Punjab National Bank) under Section 7 of Insolvency and Bankruptcy Code, 2016, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that CIRP process could not carried out effectively due to lockdown in view of Covide-19 Pandemic, and therefore an application for exclusion of the period of lockdown from 29.03.2020 upto 31.07.2020 was filed bearing IA No. 387 of 2020 before this Adjudicating Authority which was allowed vide order dated 14.09.2020 and period of 129 days i.e. from 25.03.2020 to 31.07.2020 was excluded from the CIRP period. 7. The Resolution Professional held the Sixth meeting of the COC on 05.11.2020. The applicant RP appraised the COC members that after sharing of the Information Memorandum, RFRP and Evaluation Matrix with the prospective resolution applicants no resolution plan was received till the last day of submission of the resolution pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The plan received from second prospective resolution applicant M/s Ganpati Infrastructure was not considered as it did not deposit the required EMD. 10. It is further Submitted that the Resolution Professional conducted the 10 th COC meeting on the 24.01.2022 where the COC had rejected the only Resolution Plan received in the matter submitted by the Resolution Applicant M/s SRK Financial Services and a decision to go for liquidation was taken and the matter was put for voting. The COC in the meeting had resolved to liquidate the corporate debtor and had resolved for the RP to file an application for the liquidation of the CD. However the agenda for appointment of Liquidator and other agendas u/r 39B, 39C 39D of the CIRP regulations wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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. 13. 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 or; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Process) Regulations, 2016; iv. The Provision of Section 33 (5), (6) and (7) of the IBC, 2016 shall have come into force with immediate effect. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; v. This Order shall be deemed to be a notice of discharge to the officers, employees and the workm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dator; xi. That the personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 of the Code shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process with the substitution of references to the liquidator for references to the Interim Resolution Professional; xii. The Registry is directed to communicate a copy of the Order to the Corporate Debtor immediately; xiii. A copy of this order be sent by the Registry to the Registrar of Companies (RoC), NCT of Delhi Haryana for updating the Master Data. After updating the Master Data, RoC shall s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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