Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (7) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 497 - Tri - Insolvency and BankruptcySeeking Liquidation of Corporate Debtor - seeking to appoint the Resolution Professional as the Liquidator of the Corporate Debtor - Section 33 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It appears from the record that failure of the Resolution Applicant to infuse funds as proposed in the time line has contravened the provisions of the Resolution Plan approved by this Tribunal. From a reading of the Section 33(3) & (4) of the Insolvency and Bankruptcy Code, 2016, it is clear that if the Resolution Applicant fails to implement the Resolution plan within the timeframe as agreed, any person other than the Corporate Debtor can apply for Liquidation of the Corporate Debtor - In the present case, the Liquidation Value of the Corporate Debtor is ₹ 41,74,00,000 which is more than the upfront payment offered in the Resolution Plan i.e. ₹ 26,75,00,000 and that the Resolution Applicant has failed to honour his commitments in the Resolution Plan. The only course open to this Tribunal is to invoke Section 33(3) and (4) of the I & B Code, 2016 and order Liquidation of the Corporate Debtor. Shri Jasin jose, the proposed Liquidator has not filed the prescribed form accepting his appointment as Liquidator. Hence he has to be directed to produce the consent as per rules. M/s. Churakulam Tea Estate Private Limited is hereby put under liquidation with immediate effect under Section 33(1) of I & B Code, 2016 - Application allowed.
|