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TMI Blog2022 (10) TMI 429X X X X Extracts X X X X X X X X Extracts X X X X ..... twice, the Corporate Debtor did not garner any Resolution Plan and hence the CoC in its commercial wisdom has decided to liquidate the Corporate Debtor and also passed a Resolution to that effect in the 42nd CoC meeting held on 17.03.2022. Thus, by taking into consideration the provisions of Section 33 of IBC, 2016 and in the absence of any opposition to the Application from the Promoters of the Corporate Debtor and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan Vs. Indian Overseas Bank [ 2019 (2) TMI 1043 - SUPREME COURT ] this Tribunal orders for the liquidation of the Corporate Debtor. Application allowed. - IA(IBC)/484/CHE/2022 in IBA/756/2019 - - - Dated:- 19-9-2022 - R. Sudhakar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor could not move forward. In the meantime, on 30.12.2020 it was submitted that the State Bank of India, one of the Financial Creditors in respect of the Corporate Debtor, with voting share of 89.09% assigned its debt to ASREC India Ltd. 4. Upon perusal of the Application, it is seen that the RP has conducted a total of 42 CoC meetings. It is also seen that on 23.07.2021, the Resolution Plan submitted by Sherisha Technologies Private Ltd. was approved by the CoC with 100% voting rights. However, the said Resolution Applicant has failed to furnish the performance guarantee and hence in the 38th CoC meeting held on 23.11.2021, the CoC has rejected the Resolution Plan of the said Resolution Applicant. 5. Thereafter, it is seen o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 33 of IBC, 2016 and in the absence of any opposition to the Application from the Promoters of the Corporate Debtor and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan Vs. Indian Overseas Bank (2019) SCC Online SC 257 this Tribunal orders for the liquidation of the Corporate Debtor. 8. In the circumstances, Mr. K. Sivalingam, with Reg. No. IBBI/IPA-001/IP-P01597/2018-2019/12340, is appointed as the Liquidator of the Corporate Debtor to carry out the liquidation process subject to the following terms of the directions. a) The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 and the attendant Rules and Regulations including Insolvency and Bankruptcy (Li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tcy Code, 2016. h) The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section - 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company Applications during the process of liquidation. i) The Liquidator shall submit a Preliminary report to this Tribunal within 75 (seventy-five) days from the liquidation commencement date as per regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. Further such other or further report as are required to be filed under the relevant Regulations, in addition, shall also be duly filed by him with this Adjudicating Authority. j) Copy ..... X X X X Extracts X X X X X X X X Extracts X X X X
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