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TMI Blog2023 (5) TMI 664X X X X Extracts X X X X X X X X Extracts X X X X ..... e valuation has been conducted under the CIRP Regulation, 2016. Liquidator is obliged to consider the average of the value arrived as per Regulation 35 of the CIRP Regulation, 2016. Present is not a case where Liquidator has directed fresh valuation under Regulation 35 Sub-regulation (2) - Furthermore, in the present case, two valuation reports are already on the record, as brought on the record by the Appellant, as noted above. When the case is covered by Regulation 35(1), the Liquidator has to take the average of the estimate of the value arrived by the two Valuers. The Liquidator while proceeding to sell the assets in accordance with Liquidation Process Regulation, 2016 has to take the reserve value as per Schedule-I of the Liquidation Regulation. The reserve price has to be value of assets arrived at as per Regulation 35 (1). Liquidation order upheld - appeal disposed off. - Company Appeal ( AT ) ( Insolvency ) No. 842 of 2022 - - - Dated:- 16-5-2023 - [ Justice Ashok Bhushan ] Chairperson And [ Barun Mitra ] Member ( Technical ) For the Appellant : Mr. Rahul Totala , Mr. Rajat Malu , Advocates For the Respondents : Mr. Avinash R Khanolkar , Advocate for R1/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant submits that he shall also deposit Rs. 1,26,00,000/- with 09% interest up to date. Learned Counsel for the Appellant prays and submits that said amount will be deposited within one hundred days. Time as prayed above is allowed. List this Appeal on 20th March, 2023. Before that date, the entire amount as indicated above shall be deposited by the Bank Draft in the name of Pay and Accounts Officer, Ministry of Corporate Affairs . The aforesaid deposit shall be without any prejudice, rights and contention of both the parties. 4. On 20.03.2023, statement was made by learned counsel for the Appellant that Appellant has made deposit as directed by the Tribunal. 5. In this Appeal Intervention Applications have been filed by two Operational Creditors namely; A. M. Patel Infrastructure Pvt. Ltd. and Sanjeev Auto Parts Manufacturers Pvt. Ltd., praying for intervention. 6. Learned counsel for the Appellant submits that Appellant endeavour to settle with the Financial Creditor and another intervening Financial Creditor, however, the Financial Creditors are not interested and not accepting the amount, their only interest is to liquidate the Corporate Debtor. It is submitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he parties and perused the record. 11. The Committee of Creditors in its meeting held on 10.03.2020 took a decision with 100% vote to liquidate the Corporate Debtor. In the CoC meeting it was noted that last date for submitting the resolution plan was 26.02.2022, which date was extended till 09.03.2022, however, the Resolution Professional did not receive any plan till the time of the meeting. In Agenda Item No. 4 at paragraph 4 following has been recorded: The COC member was of the opinion that sufficient opportunity had been granted to the Resolution Applicant to submit the resolution plan. The COC noted that the date of completion of CIRP is 27 March 2022, the corporate debtor is not a going concern and carries on no business. The COC requested the RP to explain the process of liquidation and the steps involved. The RP explained the process about passing of resolution, appointment of liquidator and the application to NCLT. 12. The Committee of Creditors noted that the Corporate Debtor is not a going concern and no plan having been received resolution was passed to liquidate. The Adjudicating Authority has allowed the application filed by the Resolution Professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he liquidator shall consider the average of the estimates of the values arrived under those provisions for the purposes of valuations under these regulations. (2) 19[In cases not covered under sub-regulation (1) or where the liquidator is of the opinion that fresh valuation is required under the circumstances, he shall within seven days] of the liquidation commencement date, appoint two registered valuers to determine the realisable value of the assets or businesses under clauses (a) to (f) of regulation 32 of the corporate debtor: Provided that the following persons shall not be appointed as registered valuers, namely: - (a) a relative of the liquidator; (b) a related party of the corporate debtor; (c) an auditor of the corporate debtor at any time during the five years preceding the insolvency commencement date; or (d) a partner or director of the insolvency professional entity of which the liquidator is a partner or director. (3) The Registered Valuers appointed under sub-regulation (2) shall independently submit to the liquidator the estimates of realisable value of the assets or businesses, as the case may be, computed in accordance with the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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