9911796707
TMI Blog2019 (8) TMI 1847X X X X Extracts X X X X X X X X Extracts X X X X ..... n. 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. Corporate Debtor is ordered to be liquidated - application allowed. - C.P. (IB) No. 543/KB/2017 - - - Dated:- 6-8-2019 - Shri Jinan K.R., Member (Judicial) and Shri Harish Chander Suri, Member (Technical) For the Resolution Professional : Mr. Anil Goel, Resolution Professional, Mr. Ani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. RP has submitted that the request for de attachment asked for by the RP before the Adjudicating Authority (NCLT) and before Hon ble Supreme Court being not granted in his favour no prospective resolution applicant showed their willingness to take over the Corporate Debtor company and sought for exclusion of period allegedly un-utilised on account of pending litigation upto the Hon ble Supreme Court and the period yet to be taken before the appellate Authority of PMLA. Vide separate order, CA(IB)No.735/KB/2018 was dismissed. 3. The CIRP in the case in hand, expired on 13.08.2018. Before the expiry of CIRP period, the RP has convened eight (8) meetings of CoC and the summary of the said meeting submitted by the RP shows that seven(7) p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ediately after the disposal of the appeal, the RP preferred an appeal before the Hon ble SC. In view of the pendency of the appeal before the Hon ble SC we are also asked not to pass any order of liquidation. In the meanwhile the Ld. RP continues the resolution process and convened meeting even after the period of expiry. The 9 th CoC meeting was held on 20.08.2018. 10 th CoC meeting was held on 03.12.2018. 11 th CoC meeting seen held on 19.02.2019. 12th CoC meeting was held on 11.04.2019. 13th CoC meeting was held on 13.05.2019 and the last and 14th meeting of CoC on 21.06.2019. 6. From the report filed by RP, it is made clear that there is no possibility of identifying any resolution applicant for taking over the stressed assets of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LA. The corporate debtor company s otherwise is in operation may be due to the effective management of the affairs of the company by the RP. 8. Ld. Senior Counsel Mr. Joy Saha appearing for one of the Financial Creditors who is the member of CoC on the other hand objected the submissions on the side of the Ld. RP as to continuation of the proceeding without an end in anticipation of an order may or may not be passed in favour of the RP in the appeal pending before the Appellate Authority under PM LA. 9. Having heard the RP at length and upon perusal of the summary of minutes of 14 th CoC meeting, and the records we are of the considered opinion that this is a fit case wherein an order for liquidation is to be passed. The Coc has f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e at Everest House, 46-C, Chowringee Road, 15 th Floor, R.N. 15 B, Kolkata, in the state of West Bengal is ordered to be liquidated. (ii) Mr. Anil Goel of AAA Insolvency Professionals LLP, B-143-144, Lajpat Nagar-I, New Delhi-110024, email id: [email protected] having Registration No. IBBI/IPA-001/IP-P001 18/2017-18/10253 is appointed as the liquidator. (iii) Liquidator is directed to issue public announcement stating that the Corporate Debtor is in liquidation, in one of the leading English newspaper as well as in one vernacular newspaper having wide circulation where the registered office of the corporate debtor is situated as per Section 33(1) (b) (ii) of the Code read with Reg. 12 (1) of IBBI (Liquidation Process) Regulations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st as well as by email for information and for taking necessary steps. (xi) Urgent photostat certified copy of this order, if applied for, be supplied to the parties, subject to compliance with all requisite formalities. ORDER Per Shri Jinan K.R., Member(J) 1. This is an application filed by the Resolution Professional (in short RP ) for excluding the period of litigation in respect of the assets of the Corporate Debtor pending before Hon ble Appellate Tribunal as well as the Appellate Authority under PMLA under Section 65(5)(c) of the Insolvency and Bankruptcy Code, 2016 (in short I B Code, 2016 ). 2. It is submitted by Ld. RP that he had preferred an appeal before the Hon ble Appellate Authority as against the att ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
