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2022 (1) TMI 721 - AT - Insolvency and BankruptcyAppointment of the Liquidator or restraining the Liquidator from discharging the employees etc. - Section 61 of the ‘Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The CoC agreed to accept the EOI of SREI and further extended the date of submission of the Resolution Plan from 02.03.2019 to 25.03.2019. However, SREI submitted the Resolution Plan on 16.04.2019 which was rejected by the CoC on 07.05.2019 by approx.98% vote. SREI went on improving the proposal just by a minuscule amounts and finally CoC decided to put the resolution plan to vote on 24.07.2019. However, the Resolution Plan was rejected by the CoC by approx.71% of the vote and rejection was communicated to the SREI. On 25.07.2019, SREI further sent a standalone financial offer raising its proposal from ₹ 395 Crore to ₹ 401 Crore - The issue was why we are going on endlessly with the same firm as IBC is a time bound programme. No other members informed RP of any of its comments. Similarly, the RP received proposal from employee trust which are unregistered on the date of application and he could not verify the sources of funding authenticity etc. It is observed that the RP has forwarded the proposal of employee trust to the members of the CoC as directed by the Adjudicating Authority. No response was received from any members of the CoC - IBBI (Liquidation Process) Regulations 2016 vide Chapter –VI Regulation 32 provides the sale of the CD as a going concern. Regulation 33 of the same Regulation also provides the methodology to sale. All this provides going concern sale. It is very much clear there is no viable plan for the consideration of the CoC and CIRP period has expired long back - All this suggests for that the Adjudicating Authority has no options but to pass order of Liquidation on completion of Insolvency Period and accordingly, the Adjudicating Authority has passed the liquidation order. There are no infirmity in the impugned order to set it aside. However, the RP is directed to make all attempts to sale the CD as a going concern or the business of the CD as a going concern in consultation with stakeholders consultations committee as constituted under Regulation 31A of the IBBI (Liquidation Process) Regulations 2016, in order to protect the livelihood of 550 families - application disposed off.
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