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TMI Blog2018 (9) TMI 2142X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the corporate debtor, namely M/s Moser Baer India Limited in the manner laid down in the Chapter IT of Part II of the Insolvency and Bankruptcy Code, 2016 along with conditions imposed - application allowed. - Chief Justice (Rtd.) M.M. Kumar Hon'ble President And S. K. Mohapatra Hon'ble Member (Technical) For the Resolution Professional : Mr. A. Anand Pavgi, Advocate. ORDER S. K. MOHAPATRA, MEMBER 1. This is an application filed by the Resolution Professional under Section 33 (2) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance of directions for liquidation of the corporate debtor, Moser Baer India Limited as per the unanimous decision of the Committee of Creditors. 2. The facts in bri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quired by Section 29 of the Code, the IRP prepared an Information Memorandum of the Corporate Debtor, which was shared with the CoC members as per the timelines under Regulation 36 of CIRP Regulations after receiving undertaking from the members to maintain the confidentiality of the information provided in the Information Memorandum. 7. Interim Resolution Professional also appointed M/s Kashyap Sikdar Co. Chartered Accountants to conduct specific purpose audit for determination of transactions covered under Section 43,45,50 and 66 of the Code. 8. It is stated that in the 1st meeting of Committee of Creditors convened on 13.12.2017, the Members of the Committee of Creditors resolved to appoint the Interim Resolution Professional as the Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es (India) Limited on 31.5.2018 by the Resolution Professional along with all the required documents except the demand draft which the officials of Dixon stated that on account of closure of banks on 31.5.2018, the same should be submitted in another two working days. However, subsequently vide an email dated 8.06.2018 Dixon Technologies (India) Ltd. withdrew its expression of interest. 12. Again in terms of the decision of CoC, the Resolution Professional once more published in Business Standard (all editions) in Hindi and English on 12.6.2018 extending the time for submission of resolution plan till 30.06.2018. 13. In the 701 meeting of the CoC held on 02.07.2018 RP apprised the members that despite the timelines for submission of express ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was replaced in terms of Section 27 of the Code. 17. In the factual scenario, the members of the COC have decided to liquidate the Corporate Debtor due to non-receipt of any resolution plan, by a majority of 100% voting share. 18. The liquidation value of the assets of the Corporate Debtor is as under: - S. No Valuer Liquidation Fair Value (Rs. In crore) Value (Rs. In crore) 1 T.R. Chadha Co. 334.99 778.02 2 SS Kothari Mehta Co. 426.07 713.32 3 GAA Advisory 339.91 667.55 19. In terms of Regulation 35(1)(c) the average liquidation value (i.e. averages of two closest estimates of value i.e. Rs. 334.99 and Rs. 339.91) comes to Rs. 337.45 crores. The total financial debts due to financial creditors as on the corporate Insolvency commencement d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies, NCT of Delhi Haryana and to the Insolvency and Bankruptcy Board of India; d. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; e. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant regulations. f. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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