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TMI Blog2019 (11) TMI 1763X X X X Extracts X X X X X X X X Extracts X X X X ..... In the factual background and in the absence of any approved resolution plan and for want of time beyond statutory CIRP period; there is no other alternative left but to order in conformity with the decision of the Committee of Creditors with loo % voting share, for liquidation of the corporate debtor under Section 33 of the Code. Application allowed. - C.A. 1783 (PB) /2019 IN Company Petition No. (IB) -473 (PB) /2018 - - - Dated:- 5-11-2019 - MR. CHIEF JUSTICE RTD.) M. M. KUMAR HON BLE PRESIDENT AND MR. S. K. MOHAPATRA, MEMBER (TECHNICAL) For the RP: Mr. Abhishek Anand, Mr. Mohak Sharma, Advs. For the Respondent: Mr. Rudrajit Ghosh, Adv for Ex-management. ORDER S. K. Mohapatra, Member 1. This is an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance of directions for liquidation of the corporate debtor, M/s Case Cold Roll Forming Limited. 2. The facts in brief are that the financial creditor, Oriental Bank of Commerce, had filed an application under Section 7 of the Code bearing number IB-473(PB)/2018 for initiation of Corporate I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution applicants for submission of the Resolution Plan for the Corporate Debtor in Hindustan Times New Delhi and Mumbai Edition and the Tribune in Chandigarh on 11.02.2019 with the last date for submission of EOI as 26.02.20 19 and last date for submission of resolution plan as 25.05.2019. 8. As only one EOI was received that to not in the requisite form, with the approval of Committee of Creditors again a revised Form G was published on 27.02.2019 with the last date of submission of Resolution Plan as 28.04.2019. 9. It is stated in the application that pursuant to the publication in Form G, three expression of interests have been received by the applicant for the corporate debtor form the following prospective resolution applicants: i. Valmont Structure Pvt Ltd. ii. Jatalia Global Ventures Ltd. iii. Avonmore Capital Management Services Ltd. 10. With the approval of the Committee of Creditors, resolution professional published revised Form G on 01.05.2019 by extending the last date of submission of resolution plan till 07.05.20 19. 11. It is submitted that in terms of Regulations 36 A (10) of the CIRP Regulations, 2016 the RP issued the provisional list of el ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0% voting share. 16. Pursuant to the rejection of the said resolution plan, the resolution professional convened fourteenth meeting of the Committee of Creditors on 27th August 2019 to discuss the way forward. The resolution professional apprised the members of the Committee of Creditors that in view of the resolution plan rejected by the Committee of Creditors by 100% via e-voting; the EMD submitted by the resolution applicant has been returned back along with their resolution plan. The sole financial creditor of the Committee of Creditors was of the opinion that the Liquidation of the corporate debtor is the most viable solution for the Corporate Debtor as best efforts were made by the Applicant for invitation of Resolution Plan and timelines were extended to give more opportunity to the PRAs. Further, no legally compliant plan has been received and the only plan received from Jatalia Global Ventures Private Limited was not financially viable plan and no other resolution applicant has shown any interest in the submission of the resolution plan. Therefore, the members of the Committee of Creditors observed that it is in the best interest of all stakeholders to liquidate the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing no approved resolution plan by Committee of Creditors, liquidation has to follow as recommended by the Committee of Creditors. Adherence to statutory requirement has to be in toto. When the language of the Code is clear and explicit the Adjudicating Authority must give effect to it whatever may be the consequences. 23. In the factual background and in the absence of any approved resolution plan and for want of time beyond statutory CIRP period; there is no other alternative left but to order in conformity with the decision of the Committee of Creditors with loo % voting share, for liquidation of the corporate debtor under Section 33 of the Code. 24. In the result the application is allowed by ordering liquidation of the corporate debtor, namely M/s Case Cold Roll Forming Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 along with following directions: a. Mr. Sanjay Gupta with Registration No. IBBI/ IPA-003 / IP-N00047 / 2017-18 / 10354, is appointed as Liquidator in terms of Section 34(1) of the Code. b. Mr. Sanjay Gupta, is directed to issue Public Announcement stating that the corporate debtor is in liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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