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2021 (5) TMI 111 - Tri - Insolvency and BankruptcyLiquidator of Corporate Debtor - Section 33(1) of the Insolvency and Bankruptcy Code, 2016 - seeking an order that the existing Resolution Professional to act as the Liquidator of the Corporate Debtor for the purpose of liquidation of the Corporate Debtor - HELD THAT:- Apparently on reading all the pleadings and submissions made by the respective Learned Counsels, it is very clear that, CoC members and the Resolution Professional were at loggerheads. There was no co-operation or co-ordination between them. Both parties are throwing so much of allegations against each other. However, this Adjudicating Authority does not want to go into the merits of the conduct and the lapses, if any, on the part of the Resolution Professional. Since the Financial Creditors together holding 96.55% voting rights of the Corporate Debtor, has raised serious allegations against the conduct in which the CIRP against RP, it cannot be buried under the carpet. Hence, the Registry shall forward this order along with the copy of the application filed in IA/650/IB/2020 to IBBI, to verify if there are any lapses on the part of the RP in process of the CIRP - Since there are allegations by the majority of the CoC members against this particular Applicant/Resolution Professional, this RP is not appointed as a Liquidator of the Corporate Debtor. More than 330 days of the CIRP period was ended on 17.01.2021 and no Resolution Plan or any proposal is pending, and also the company is not a going concern, considering all these facts, it is ordered that the Corporate Debtor herein shall be liquidated - Application allowed.
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