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TMI Blog2022 (11) TMI 698X X X X Extracts X X X X X X X X Extracts X X X X ..... ata Kumar Dash, Member (T) For the Appellant : Pulkit Goyal and Harsh Garg, Advocates ORDER Harnam Singh Thakur, Member (J) IA No. 788/2022 1. The present application is being filed by Mr. Prem Chand Goyal, Resolution Professional (RP) of M/s. Sohrab Textiles Mills Ltd. (herein referred to as Corporate Debtor ) under section 33 of Insolvency and Bankruptcy Code, 2016 ('IBC') for the initiation of liquidation of Corporate Debtor. 2. It is prayed inter alia, by the applicant to pass the liquidation order u/s. 33(2) of the IBC, 2016 in the above mentioned matter of corporate debtor i.e. M/s. Sohrab Textiles Mills Ltd. Appoint Mr. Prem Chand Goyal as the Liquidator and issue a public announcement stating the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 19(2) of IBC has been filed regarding non-cooperation, however this IA was withdrawn thereafter. Further, it was informed by IRP that as per Form G, the last date of submission of EOI was 04.01.2022, however, no positive outcome was received except a few queries. Hence, it was resolved to republish Form-G (Annexure-A6). 3.4 In the 6th meeting of CoC held on 31.01.2022, RP apprised the CoC that Form-G was republished on 21.01.2022. The original date of closure of CIRP period was 04.04.2022 i.e. 180 days from commencement of CIRP. Accordingly, IA No. 109 of 2022 filed by IRP was allowed by this Bench vide order dated 21.02.2022 for extension of CIRP period by 90 days beyond 180 days. CIRP end date comes to 03.07.2022 (Anne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d vide Diary No. 01311/3 dated 06.10.2022 that CoC while approving/resolving for liquidation in its 10th CoC meeting held on 26.05.2022 had complied with Regulations 39(B), 39(C) 39(D) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, as it had rejected the resolution for the sale of corporate debtor as a going concern in view Reg. 39(C), IBBI Regulations, 2016. As per provisions of Regulation 39(B) CIRP Regulations, 2016, the CoC had rectified the estimated expenses amounting to Rs. 8,35,000/- in the 10th Meeting. The CoC incompliance to Regulation 39(D) had resolved that RP i.e. Sh. Prem Chand Goyal will be appointed as Liquidator to carry on liquidation proceedings of Corporate Debtor and will be entitled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 12 or the fast track Corporate Insolvency Resolution Process under Section 56 as the case may be; and iii. If does not receive a resolution plan under sub-section (6) of Section 30. 7. It is submitted that in the 10th meeting held on 26.05.2022, no resolution plan was received and CoC with 100% voting share passed the liquidation of the corporate debtor. 8. It may be noted that the agenda for the appointment of Resolution Professional as Liquidator has been discussed in the 10th meeting held on 26.05.2022 and was resolved that the Resolution Professional i.e. Sh. Prem Chand Goyal will be appointed as liquidator by 100% voting share (Annexure-A13). The RP gave his consent vide consent form dated 26.05.2022 along wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w Research Associate of this Tribunal has checked the credentials of Mr. Prem Chand Goyal, and there is nothing adverse against him. In view of the above, we appoint Mr. Prem Chand Goyal Registration No. IBBI/IPA-001/IP-P01780/2019-2020/12710, email: [email protected] as the Liquidator. 11. In view of the satisfaction of the conditions provided under Section 33 of the Code, the Corporate Debtor i.e. M/s. Sohrab Textile Mills Ltd., is directed to be liquidated in the manner as laid down in Chapter III of the Code. 12. 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; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Bankruptcy Code, 2016; (viii) The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five (75) days from the Liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016; (ix) The Liquidator shall file regular progress reports as per Regulation 15 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016 every fortnightly thereafter; (x) The Liquidator shall take necessary legal action to recover the trade receivables and other credits such as loans and advances from the parties which are reflected in the latest Balance Sheet of the Corporate Debtor, if any. This direction is hereby given in concurrence of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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