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TMI Blog2018 (11) TMI 1923X X X X Extracts X X X X X X X X Extracts X X X X ..... to file the Final Progress Report recommending passing an order of liquidation. The Ld. Resolution Professional also submits that an application was filed u/s. 43 and 45 of the I B Code alleging preferential transaction to the tune of Rs. 41 Crores as a corporate lone taken from Mr. Madhu Dalmia and refunded before the maturity period. According to him, the above said amount is to be refunded as it is a preferential transaction and to be deposited in the account of the Corporate Debtor. Liquidation order is passed - Mr. Kannan Tiruvengadam is appointed as Liquidator - Mr. Kannan Tiruvengadam is directed to issue Public Announcement stating that the Corporate Debtor is in liquidation, in tens of Regulation 12 of the Insolvency and Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by him. The Committee of Creditors (In short, COC) in the 9 th meeting of the COC held on 29/10/2018, by a vote share of 73.3% has rejected the proposal of the Resolution Professional for extension of CIRP period for enabling him to continue his efforts in finding out any prospective resolution applica nt. According to the Resolution Professional, the Corporate Debtor Company has a good factory as per the experts' opinion. However, the COC by majority vote share has decided not to continue with the CIRP Process and thereby with the approval of the COC, he was compelled to file the final Progress Report praying for an order for liquidation. 3. Heard the Ld. Resolution Professional and the Ld. Counsel appearing for the Intervening Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the COC did not opt for proceeding further, he was forced to file the Final Progress Report recommending passing an order of liquidation. 7. Ld. Resolution Professional also submits that though the Financial Creditors agreed to pay the remuneration and resolution cost for the services he has already rendered, no fund was released for paying the Resolution Professional's fees and costs and that he was not in receipt of his remuneration for the last 4 months. He also prays for issuing direction to the COC, who are the Financial Creditors, to pay all outstanding amount due to the Resolution Professional. Nobody tumed up on the side of the COC as well as on the side of the Financial Creditor. Therefore, direction sought for by the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 33(7) of the Insolvency and Bankruptcy Code, 2016; (f) The Liquidator is directed to proceed with the process of liquidation in a manner as laid down in Chapter Ill of Part Il of the Insolvency and Bankruptcy Code, 2016. (g) The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. (h) The financial creditors/CoC are hereby directed to pay the fees and costs approved by the COC to the outgoing Resolution Professional within two weeks from the date of the order. (i) Copy of this order be sent to the Financial Creditor, Corporate Debtor, the Liq ..... X X X X Extracts X X X X X X X X Extracts X X X X
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