TMI Blog2018 (4) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... ional of RAMAN ISPAT PVT. LIMITED , ( the Corporate Debtor ) under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 ( Code ) seeking for order of liquidation of the Corporate Debtor Company. It is submitted that the Committee of Creditors has approved for the same within 270 days as prescribed for a Corporate Insolvency Resolution Process because the resolution plan for the Corporate Debtor Company could not be materialized. 2 As per record of this Tribunal s order dated 11.04.2017, the present Petition has been admitted under Section 10 of the Insolvency and Bankruptcy Code and appointed Mr. Parveen Bansal as an Interim Resolution Professional in respect of the Corporate Debtor/Corporate Applicant Company, later on he was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irector of the Company submitted a resolution plan to the Resolution Professional. The same was presented before the (third) meeting of the Committee of Creditors dated 18.09.2017, wherein the sole member of Committee of Creditor informed that he would seek necessary approval from his higher authorities or to suggest some modifications/improvements in the proposed resolution plan. The Corporate Applicant has enclosed a copy of the minutes of the third meeting of the COC with the present petition. It is further submitted that the Union Bank of India has rejected the resolution plan vide its letter dated 22.09.2017. A copy of such letter has also been enclosed with the present petition for perusal. f. It is further submitted that in the fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Committee of Creditors further rejected the resolution plan in its sixth meeting dated 01.01.2018, on such ground of non-viability of the business. It was also discussed that since the extended period of Corporate Insolvency Resolution Process was due to be over by 05.01.2018. Hence, no other alternative left but to intimate to Adjudicating Authority to initiate for liquidation process of Corporate Debtor. A copy of the minutes along with attendance register and voting registers of sixth meeting of committee of creditors have been enclosed with the present petition. 4. We have heard the submission of RP and of the COC as described in the present petition, we feel that there are sufficient and convincing reasons for initiation of liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected by such contravention, may make an application to the Adjudicating Authority for a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). (4) On receipt of an application under sub-section (3), if the Adjudicating Authority determines that the corporate debtor has contravened the provisions of the resolution plan, it shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). (5) Subject to section 52, when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corporate debtor: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lized net of other liquidation cost and shall be paid from the proceeds of the liquidation estate formed under section 36 of Insolvency and Bankruptcy Code, 2016 and to be distributed in accordance with Section 53 of the Code. III. All the powers of the board of directors, key managerial personnel and the partners of the corporate debtor, as the case may be, shall cease to have effect and shall be vested in the Liquidator pursuant to Section 34(2) of the Insolvency and Bankruptcy Code, 2016. IV. That the personnel of the corporate debtor shall extend all assistance and cooperation to the liquidator as may be required by him in managing the affairs of the corporate debtor. V. Issue a public announcement stating that the Corporate De ..... X X X X Extracts X X X X X X X X Extracts X X X X
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