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2019 (2) TMI 2005 - NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH HYDERABADSeeking direction to COC members to reconsider the Resolution plan - seeking extension of CIRP period and not to consider the request for liquidation filed by Resolution Professional - HELD THAT:- This is an Application filed by Promoter / Director of the Suspended Board of Corporate Debtor M/s Servomax India Private Limited under Section 60 (5) of Insolvency & Bankruptcy Code, 2016 praying for extension of CIRP period for further 122 days stating that the said period was not utilized for CIRP on account of replacement of Resolution Professionals. As many as 09 CoC meetings were held and meetings were being held regularly since the day of constitution of CoC. No Resolution Plan was approved by the CoC. In fact, on the Application filed by Resolution Professional on the direction of CoC, CIRP was extended by 90 days beyond 180 days. CIRP continued for about 270 days, the maximum period allowed. The CoC has not approved any Resolution Plan. CoC decided before conclusion of CIRP period for liquidation of Corporate Debtor which is also made clear by the Resolution Professional that he would file a separate Application for passing order of liquidation under Section 33 of IBC. The Applicant being Director has no locus standi to seek exclusion of time. Decision is to be taken by CoC with majority if any. The Applicant is only a Director (Suspended Board) - the present Application does not survive. Even otherwise the allegations made by Applicant are found not to be true and correct as Resolution Professional filed sufficient proof that during entire period of CIRP, the proceedings are conducted in accordance with the provisions of IBC, 2016 and Regulations thereunder. The present Application is filed with a view to prolong the CIRP and it is nothing but misuse of the process, Therefore, the present Application deserves to be dismissed. Seeking directions to pass Liquidation Order against Corporate Debtor - seeking direction to appoint Resolution Professional as Liquidator - Section 33 (1) (a) and 34 (1) of Insolvency & Bankruptcy Code, 2016 - HELD THAT:- Since no resolution plan is received by the Adjudicating Authority under Section 30 (6) of IBC, 2016, therefore. Tribunal has to pass an order of Liquidation against Corporate Debtor - The Application is allowed and Corporate Debtor M/s Servomax India Private Limited is ordered to be liquidated.
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