9911796707
TMI Blog2023 (2) TMI 1035X X X X Extracts X X X X X X X X Extracts X X X X ..... the year 2021, the Application for Consolidation, was filed belatedly after one year and also the fact that the Corporate Debtor, has failed to satisfy the requirements necessary for Consolidation, this Tribunal, does not see any illegality or infirmity in the Impugned Order of the Adjudicating Authority, (National Company Law Tribunal, Division Bench-I, Chennai), allowing Liquidation. Appeal dismissed. - Comp. App. (AT) (CH) (Ins.) No. 17 of 2023 For Stay IA No.56/2023 Comp. App. (AT) (CH) (Ins.) No. 18 of 2023 For Stay IA No.60/2023 - - - Dated:- 23-2-2023 - [ Justice M. Venugopal ] Member ( Judicial ) And [ Ms. Shreesha Merla ] Member ( Technical ) For the Appellant : Mr. A. S. Sathish Kumar , PCS. For the Respondent : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtors went into Corporate Insolvency Resolution Process ( CIRP ) and the same is detailed as hereunder: Name of the Corporate Debtor Date of commencement of CIRP Status of the Corporate Debtor Status of CIRP JR Foods Limited Feb 11, 2022 Borrower Under CIRP Pondicherry Extraction Industries Private Limited Apr 23, 2021 Guarantor for loans availed by JR Foods Limited Liquidation ordered by the Adjudicating Authority on Nov 09, 2022 (now challenged in this appeal). JKS The Banyaan Private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Resolution Applicant who has given a Comprehensive Combined Plan for all the three Corporate Debtors and instead has sought for Liquidation . In the 9th Meeting of CoC held on 02.09.2022, the CoC passed a Resolution to liquidate the Corporate Debtor and then filed an Application IA983/2022 before the Adjudicating Authority . praying for Liquidation . Learned Senior Counsel Mr. Arvind Pandian submitted that the Adjudicating Authority has failed to exercise its discretionary powers to consolidate the CIRP of the three Corporate Debtors under Rule 11 of the NCLT Rules, 2016, specially when there is no provision in the Code to prohibit or preclude Consolidation . 4. Learned Counsel appearing on behalf of the Li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... related party and to realize the rentals for the period of CIRP filed an Application IA741/2022 under Section 60(5) as the Appellant and the related party refused to vacate the premises and/or to pay rentals. Vide Order dated 12.12.2022, the Adjudicating Authority directed the Applicant to take necessary steps. It is submitted that the CoC of the Corporate Debtor was constituted by a single Member namely Bank of Baroda holding 100% Voting Shares. After issuing EoI since no one evinced interest to submit a Resolution Plan, the CoC resolved to liquidate the Corporate Debtor with 100% voting in favour of the Liquidation . It is submitted that the CoC after deliberation in the 6th CoC Meeting rejected the proposal of Conso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Appellant is no longer a Shareholder in the Principal Borrower Company . There is no material on record to establish that all the Corporate Debtors have common Assets and that they cannot be sold separately. Merely because the Directors are common, does not mean that all the Assets of the three Corporate Debtors are common. There is no documentary evidence on record to establish that the operations of both the Corporate Debtors are supporting each other. M/s. Pondicherry Extraction Industries Private Limited owns a Commercial Building generating a minimum rent from that part of the building . M/s. JKS the Banyaan Private Limited owns a Residential Complex which is half constructed and M/s. JR Foods Limited ..... X X X X Extracts X X X X X X X X Extracts X X X X
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