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TMI Blog2020 (7) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... ty Ground Floor Kolkata-700106, in the state of West Bengal, is ordered to be liquidated - application allowed. - IA (IB)No………./KB/2020 In C.P.(IB) No.1290/KB/2018 - - - Dated:- 17-7-2020 - Shri Jinan K.R., Member (Judicial) And Shri Harish Chander Suri, Member (Technical) For the Resolution Professional (Applicant) : Mr. Animesh Mukhopadhyay, Resolution Professional, Mr. Utsav Mukherjee, Advocate. For Suspended Board of Director : Mr. Sandeep Bajaj, Advocate, Mr. Satish Shikhande, AR of the Erstwhile Management. ORDER Per Shri Jinan K.R., Member (J) 1. Mr. Animesh Mukhopadhyay, Resolution Professional filed this unnumbered application under Section 33(2) of I B Code, 2016 for passing an order re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spite several requests and reminders, the suspended board of directors of the Corporate Debtor or its employees or the accounting firm were not providing the documents sought for by the Resolution Professional in order to proceed with the CIRP and consequently, thus Resolution Professional was filed an application under Section 19(2) of the IBC, 2016 and accordingly orders directing the Corporate Debtor to cooperate with the Resolution Professional were passed. 7. The Resolution Professional made publication of Form G to invite expressions of interest on 28th January, 2020 and there was interest expressed by three groups i.e. Refex Industries Limited, Vedanta group and Karuna Greentech Private Limited. 8. It is submitted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor). is approved by 98.45% of the CoC members. Resolution No. 5 RESOLVED THAT the consent of CoC be and is hereby accorded for the fee of the liquidator in terms of Regulation 4(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations read with Regulation 39D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 less 40% in case of Animesh Mukhopadhyay is rejected by 98.45% of the CoC members. Resolution No.6 RESOLVED THAT the consent of CoC be and is hereby accorded for the fee of the liquidator in terms of Regulation 4(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t him only for the reason of non acceptance of the reduced rate of fees by the RP. When he was asked to continue, he showed his unwillingness because the CoC has decides to change him. Therefore, it is unfair on us to allow the RP to continue as the liquidator at a rate of fees proposed by the CoC. The CoC has proposed one Mr. Sajjan Kumar Dokania an insolvency professional as the Liquidator. 12. The recommendation of CoC for replacement of RP appears to us not in consistence with section 34 of the Code. The reason for change in professional is that the RP was unwilling to reduce the fees and proposing an insolvency professional at a rate fixed by the CoC, not at all inspire our confidence. The financial debt of the applicant who init ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the present application in abeyance for a period of 2 weeks for approaching the Hon ble NCLAT. The Corporate Insolvency Resolution Process was passed in the instant case by an order dated 16th October 2019. The objector has not so far obtained any favourable order reversing the order of admission. So also no appeal preferred by the objector is pending before the Appellate Tribunal or before the Hon ble supreme Court, brought to our notice. Therefore we are not inclined to keep the application in abeyance as prayed for. 14. The above said discussion leads to a conclusion that for want of a resolution plan the CoC took a decision by 98.45% vote share of the financial creditors in terms of section 33(2) of the I B Code. In view of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33 (7) of I B Code, 2016. (vi) Since the Corporate Debtor company is a going concern, the liquidator is at the liberty to sell the Corporate Debtor company as a going concern as per the provisions of the Code and regulation. (vii) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of the Insolvency and Bankruptcy Code, 2016. (viii) Upon proceeding with the liquidation the Liquidator shall file a preliminary report as per regulation 5 read with Reg.13 of the IBBI (Liquidation)Regulations, 2016 at the registry within 75 days from the liquidation commencement date and continue t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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