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2018 (1) TMI 1374 - AT - Insolvency and BankruptcyCorporate insolvency process - Duties of Resolution professional - no possibility of approving any resolution plan - stated that all financial creditors have consented for liquidation process under Section 33(2) of the Code as no resolution plan was acceptable to the Committee of Creditors - Held that:- Resolution Professional was under a sacred duty to put forward before the Committee of Creditors that the Code' by virtue of Section 25 (2) (h) binds them to permit floating of expression of interest. Alas that was not done! Why we shudder to think about any extraneous consideration. We are further of the view that the basic Object Of the 'Code' is resolution and liquidation has to be a measure of last resort, The aforesaid duty could only be performed by inviting the expression of interest from the whole world and the process has to be started by inserting public notices in the two widely circulated newspapers (one in vernacular and the other one in English). The Resolution Professional completely failed in intimating the Committee of Creditors that the resolution plan has to be invited by floating expression of interest. The terms of such prospective applicants were required to be finalized by the Committee of Creditors with the assistance of the Resolution Professional which include the minimum deposits for a prospective Resolution Plan Applicant and the base price, if so advised, by the Committee of Creditors. The final date for the receipt of the resolution plan and other modalities were also required to be finalized. We do not understand how the Committee Of Creditors can take upon itself the idea of saying that no resolution plan was acceptable to them when there was no resolution plan presented to them. This leads us to infer some suspicions. In view of the above, we are unable to accept the continuation of the present Resolution Professional namely Mr. Prabhjit Singh Soni and in his place we appoint Mr. Dinesh Sood to act as Resolution Professional to carry on the further process of Corporate Insolvency Resolution Process.
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