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2017 (12) TMI 975 - Tri - Insolvency and BankruptcySeeking liquidation of the Corporate Debtors - Held that:- In the case on hand, except M/s. Gaurinandan Fashion Private Limited., there are no other financial creditors or operational creditors. Hence, in view of the proviso to sub-section (8) of Section 21 of Insolvency and Bankruptcy Code, 2016, the Committee of Creditors shall be constituted by the Board and not by the IRP or RP. Therefore, the Committee of Creditors constituted by IRP is not a legally valid committee. The entire resolution process undertaken by the Committee of Creditors which is not validly, constituted cannot be taken into consideration. However, the so-called Committee of Creditors did not accept the resolution plan. No resolution plan is made available for the scrutiny of this authority till today. Admission order was passed by this Tribunal on 29.03.2017. In view of sub-section (1) of Section 12 of Insolvency and Bankruptcy Code, 2016 Corporate Insolvency Process shall be completed within a period of 180 days from the date of admission of application to initiate CIRP. In the case on hand 180 days already expired. Although the constitution of the Committee of Creditors is not valid, the period given for completion of Insolvency Process has been completed and, therefore, under Section 33, this Adjudicating Authority ordered for liquidation of the corporate debtors vis. Pooja Tex-Print Private Limited. Hence, this Adjudicating Authority hereby pass order of liquidation in respect of corporate debtors Pooja Tex-Print. (P.) Ltd. and direct the Liquidator to issue public announcement stating that the corporate debtors Pooja Tex-Print. Ltd. is in liquidation.
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