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TMI Blog2019 (8) TMI 1847X X X X Extracts X X X X X X X X Extracts X X X X ..... For Applicant in Cont.A.747/KB/2018 : Mr. Ratnanko Banerjee, Sr. Advocate, Mr. Shaunak Mitra, Advocate, Mr. Saubhik Chowdhuri, Advocate, Mr. Dripto Manjumdar, Advocate ORDER Per Shri Jinan K.R., Member(J) 1. This is an application filed by the Financial Creditor/SBER BANK for initiating Corporate Insolvency Resolution Process as against the Corporate Debtor/Varrsana Ispat Limited under Section 7 of Insolvency and Bankruptcy Code, 2016 (in short "I & B" Code, 2016). This Bench passed an order dated 16.11.2017 admitting the application for the initiation of Corporate Insolvency Resolution Process (in short "CIRP") against the Corporate Debtor and appointed Mr. Anil Goel as Interim Resolution Professional (in short "IRP"). The appo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bout modified resolution plans submitted by Mono Steel India Limited. However, the members of CoC decided to put the resolution plan for e-voting but since the difference ¡n between the Financial Creditors regarding the claim of certain Financial Creditors, admitted by the RP, the resolution plan has not been passed by the CoC in the eight (8) CoC meetings. In the meanwhile, the CIRP period of 270 days was expired. 4. The application filed by the RP for releasing the attachment of the assets of the Corporate Debtor by Deputy Director of Enforcement has been dismissed by this Bench, vide order dated 12.07.2018. The RP has preferred an appeal before the Appellate Tribunal as Company Appeal (AT) (Insolvency) No. 493 of 2018. In view of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r till the disposal of the appeal preferred by him before the appellate authority, we are not inclined to grand further time and directed to file final report. Accordingly the RP filed the final report without a resolution of COC for passing an order of liquidation. 7. According to the RP there is no possibility of getting a prospective resolution applicant since all the assets are under attachment. He would submit that an appeal before the Appellate Authority under PMLA against the attachment order by Enforcement Director being pending this application is premature for passing an order for liquidation. According to him he is expecting an order in favour of the RP and if an order lifting the attachment if passed by the Appellate Authority ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I & B Code, 2016. 10. The Liquidator is empowered to sell the Corporate Debtor company under liquidation as a going concern. The Liquidator can explore all the possibility as to whether the Corporate Debtor can be sold as a going concern failing which, he is also empowered to take steps under Section 230 of the Companies Act, 2013. That being the powers given to the Liquidator, we do not find any justifiable reason to exclude the period of the litigation pending up to the Hon'ble Supreme Court and wait further till the disposal of the appeal pending before the PMLA. Accordingly, we are inclined to pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in chapter 3. The Ld. RP was asked as to whether he is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to be a notice of discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33 (7) of I&B Code, 2016. (vii) Since the CD company is a going concern, the liquidator is at the liberty to sell the CD company as a going concern as per the provisions of the Code and regulation. (viii) 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. (ix) Upon proceeding with the liquidation the Liquidator shall file a preliminary report as per regulation 5 read with Reg.13 of the IBBI (Líquidation)Regulations, 2016 at the registry within 75 days from the liquidation commencement date and continue to file progress re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r a going concern. Upon said contentions, he prays for passing an order of exclusion of the period of CIRP from the date of filing of the appeal till the disposal of appeal filed before the Appellate Authority, PMLA. 3. According to the Ld. Counsel for RP, the application preferred before the Adjudicating Authority for passing an order of de attachment was dismissed. He also filed an appeal before the Appellate Tribunal which was disposed of confirming the order of Adjudicating Authority on 02.05.2019 and aggrieved by the order of dismissal of the appeal, he had preferred an appeal before the Hon'ble Supreme Court and Hon'ble Supreme Court has dismissed the appeal on 22.07.2019 and the appeal preferred before the PMLA for de-attachment of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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