9911796707
TMI Blog2022 (1) TMI 1370X X X X Extracts X X X X X X X X Extracts X X X X ..... and lastly that COC with 100% voting has approved to liquidate the Corporate Debtor, this bench allows the IA No. 173 of 2021 and orders liquidation of Corporate Debtor. On reading the Application and the documents enclosed therein, for the RP has complied with the procedure laid under the Code read with Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Regulations), this is believed to be a case fit to pass liquidation order under sub-section 1 of section 33 of the Code as no resolution plan has been submitted before the Adjudicating Authority by the Resolution Professional. It is directed that the Corporate Debtor to be liquidated in the manner as laid down in the Chapter by issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Government, the lock down period was required to be excluded. After exclusion of the lock down period, the period of 180 days, the CIRP period was due to conclude on 09.11.2020. 5. The Applicant further submitted that no resolution plans were received except one from the promoter Mr Jaidev Panchmatia. The plan was put forward to COC for consideration on 03.10.2020 and the same was rejected by COC. The same was discussed in the 8th COC meeting on 09.11.2020. The COC members resolved in favour of liquidation. 6. The Applicant further pointed out that that he has diligently performed all the duties as Sec. 65 of the Code and that the present application of liquidation is filed after completion of CIRP period. The COC has approved the Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e minutes captured the discussions of COC as follows: "B. 1. To take approval of the committee to file an application with the NCLT Mumbai Bench for liquidation of the Corporate Debtor: Chairman apprised the Committee that he has not received any resolution plan for the Corporate Debtor, except the Resolution Plan submitted by its Promoter. He informed that the Union Bank of India has classified the Corporate Debtor's account as Fraud and Wilful Defaulter and suggested the Liquidation of the Corporate Debtor. Considering the same it was recommended that the Corporate Debtor should be liquidated to pay off its liabilities." "C. 1. Disapproval of Resolution Plan submitted by Mr. Jaidev Panchamatia Promoter of the CD: Mr. Jaidev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be taken to obtain approval of the NCLT for the same." 10. There are no major assets left in the company. The only assets being scrap items of inventory having no significant market value. 11. This Bench is satisfied with the reasons that the only Resolution Plan received from the promoter of Corporate Debtor was rejected as the Corporate Debtor was declared as willful defaulter, the ground that no major assets are left in the company and lastly that COC with 100% voting has approved to liquidate the Corporate Debtor, this bench allows the IA No. 173 of 2021 and orders liquidation of Corporate Debtor. 12. On hearing the submissions of the Applicant and on reading the Application and the documents enclosed therein, for the RP has com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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