9911796707
TMI Blog2022 (9) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 61(1) of the Insolvency and Bankruptcy Code, 2016 (for short IBC) being aggrieved and dissatisfied by the order dated 16.10.2019 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench, Kolkata) in Company Petition (IB) No. 720/KB/2017, by which the Adjudicating Authority has allowed the Application filed by the Respondent herein - Bihar State Construction Corporation Limited under Section 10 of the IBC to initiate Corporate Insolvency Resolution Process (for short CIRP) on the ground that the Respondent is unable to pay its debt to Rs. 104,16,98,874/- as on 31.03.2016 and appointed Mr. Nitesh Kumar More as IRP in the matter having registration no. IBBI/IPA-001/IP-P01087/2017-18/11785. 2. The facts giv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate effect" and subsequently vide resolution taken in the minutes of the Board of Directors meeting dated 05.09.2003 it has been further resolved to move before the Hon'ble Company Court for winding up of the company. iv) The decision of the Hon'ble Tribunal was also placed before the board of Directors of the Corporation in the meeting held on 14.01.2003 and Board of Directors directed that the guidance of the State Government may be sought for the action be taken according to the guidance. The company requested the Water Resources Department, Government of Bihar for its Guidance vide letter dated 24.01.2003 quoting the decision of the Board of Directors. v) Further case is that the company under the instruction issued by the Government ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Division Bench the company petition bearing No. 5/2013 was listed before the Hon'ble Company Judge on 15.02.2008 but most unfortunately the case could not be marked and therefore, no one appeared and the matter remained unattended consequently dismissed by the Hon'ble Court. vii) Further case is that the State Government finally took a decision not to revive the Corporation and thereafter a meeting of the Board of Directors was convened on 05.09.2013 which again took a decision in Board & 105 meeting to wind up the Corporation by filing company petition before the Hon'ble Company Judge. The Corporation in the light of the minutes of the meeting dated 05.09.2013 moved Hon'ble Company Court vide Company Case No. 6/2014 but ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the state legislature together with the copy of Audit Report and comments upon or supplement to the Audit Report. The compliance under Section 395 is mandatory and in failure of compliance of such a mandatory provision the petition under Section 10 is liable to be dismissed. 4. It is further submitted that the Adjudicating Authority committed jurisdictional error while passing the impugned order. The Respondent facts pleaded in the company petition before the Adjudicating Authority is with respect to voluntary winding up of the company which is completely different from the provisions contained in Section 10 of the IBC. The Adjudicating Authority also failed to consider that the mandatory requirement of law as well as requirements under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n earlier preferred an appeal for grant of monetary benefits before the Hon'ble Apex Court, vide S.L.P. No. 16159 of 2017 which has been disposed of in the light of the Notification No. 52 dated 14.03.2018 and No. 132 dated 20.06.2018 issued by the Govt. of Bihar. However, in para 5 of the Notification No. 52 dated 14.03.2018 it has been mentioned that the benefits of this notification shall be kept in abeyance with respect to the Multi-State Corporations, where bifurcation of Assets and Liability has not taken place. 8. It is submitted that after bifurcation in compliance to letter dated 07.11.2019 sent by the Joint Secretary, Water Resources Department, Stat of Jharkhand, Ranchi. Thereafter, reminder had been sent vide letter No. 4172 da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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