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TMI Blog2023 (12) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... d no transactions since 2017. The scheme of the IBC as delineated by Section 33 sub section 2 empower of Committee of Creditors to take a decision to liquidate after constitution of Committee of Creditors. It is true that the decisions of the CoC to liquidate has to be with reasons and that cannot be arbitrarily done but in the present case when looked into the resolution of the CoC it is clear that there was objective consideration by the CoC for taking a decision to liquidate. Since SLP having been dismissed and review having also dismissed on the said submission the hearing of the appeal cannot be adjourned. It goes without saying that any order passed by Hon ble Supreme court is binding by this tribunal and Adjudicating Authority, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to issue Form G, however, no final decision with regard to any Resolution Plan, if any, received shall be taken. 3. We need to notice certain dates and events before coming to the submission made by the counsel for the parties. 4. Adjudicating Authority by the order dated 10.08.2022 admitted the application under Section 9, the publication was made on 12.08.2022 by IRP pursuance of which only one claim was filed that was of Operational Creditor who had filed the application. The CoC was constituted by the IRP since no other claim was received, 1st meeting of Committee of Creditors was held on 03.09.2022 and 3rd meeting of CoC was conducted on 27.09.2022 and resolution was passed by CoC to liquidate the Corporate Debtor. In pursuanc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2023. 8. Learned Counsel for the parties in support of their submissions have relied on Judgment of this Tribunal which shall be noticed hereinafter. 9. We may first notice the resolution passed by the Committee of Creditors on 27.09.2022. The resolution has been brought on the record along with the Rejoinder affidavit. In the Resolution (B-2) following has been recorded:- B-2. TO DISCUSS AND APPROVE 'LIQUIDATION' OF THE CORPORATE DEBTOR UNDER SECTION 33(2) OF IBC:- The Chairman informed the COC that due to non-cooperation from the promoter/directors, the CIRP could not move forward. He has investigated the affairs of the corporate debtor, and found that the company has no employees, no business, no registered offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , is as follows:- 2. Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors 1[approved by not less than sixty-six per cent. of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). 2[Explanation. For the purpose of this sub-section, it is hereby declared that the committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under subsection (1) of section 21 and before the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the facts of the each case as to whether the decision to liquidate the Corporate Debtor is in accordance with the I B Code or not. With these observations, the Appeal is dismissed. 11. When we looked into the resolution passed by the Committee of Creditors, CoC has given reasons as to that there are no employees, no business, no registered office, no filing of annual account of the MCA since 31.03.2011, no returns and no transactions since 2017. The scheme of the IBC as delineated by Section 33 sub section 2 empower of Committee of Creditors to take a decision to liquidate after constitution of Committee of Creditors. 12. It is true that the decisions of the CoC to liquidate has to be with reasons and that cannot be arbitrarily do ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Registrar of Companies, this Tribunal is of the considered view that the CIRP may be closed with respect to the subject company. 14. The judgment which has been relied by the counsel for the respondent was a case where appeal was filed against the order 06.12.2021 passed by Adjudicating Authority where application filed by Resolution Professional to close the CIRP was dismissed. In the appeal this Tribunal took the view that no claim was received after the publication then Adjudicating Authority committed error in rejecting the application of CIRP. 15. When we looked into the Judgment specially Paragraph 4,5 6 it is clear that what has been held by this Tribunal that the case was that in which no claim was filed, no commi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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