TMI Blog2018 (1) TMI 1374X X X X Extracts X X X X X X X X Extracts X X X X ..... view that the basic Object Of the 'Code' is resolution and liquidation has to be a measure of last resort, The aforesaid duty could only be performed by inviting the expression of interest from the whole world and the process has to be started by inserting public notices in the two widely circulated newspapers (one in vernacular and the other one in English). The Resolution Professional completely failed in intimating the Committee of Creditors that the resolution plan has to be invited by floating expression of interest. The terms of such prospective applicants were required to be finalized by the Committee of Creditors with the assistance of the Resolution Professional which include the minimum deposits for a prospective ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vity 'the Code') and in para 16 17 of the application it has been stated that all financial creditors have consented for liquidation process under Section 33(2) of the Code as no resolution plan was acceptable to the Committee of Creditors. The aforesaid paras 16 and 17 read as under:- 16. As per the consent Of all the financial creditors liquidation process under Section 33 (2) of the Insolvency and Bankruptcy Code, 2016 since no resolution plan was acceptable to committee Of creditors and even stakeholders and all have favored for LIQUIDATION OF THE CORPORATE DEBTOR under regulation 35 and section 33(2) and allowed Resolution Professional to go ahead with LIQUIDATION. 17. Since all the creditors of the Marine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor, including the continued business operations of the corporate debtor, (2) For the purposes of sub-section (1), the resolution professional shall undertake the following actions, namely:- (a) (b) ---------------- (d) ---------------- (e) ---------------- (D) ---------------- (h) invite prospective lenders, investors, and any other persons to put forward resolution plans; The aforesaid provision establishes beyond any doubt that the Resolution Professional was under a sacred duty to put forward before the Committee of Creditors that the Code' by virtue of Section 25 (2) (h) binds them to permit floating of expression of interest. Alas that was not done! Why we shudder to think about any extraneous co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... int Mr. Dinesh Sood, IBBI Registration No. IBB1/lPA-002/1P-N00046/2016-2017/10091, email id dk.sood@yahoo.com, Mobile No. 9650485731 to act as Resolution Professional to carry on the further process of Corporate Insolvency Resolution Process. We also extend the time by 90 days beyond 180 days which is to expire on Liberty is also granted to the newly appointed Resolution Professional to scrutinize the valuation report collected by the earlier Resolution Professional and if he feels the necessity Of obtaining fresh valuation report he shall be free to do so because it appears to us that there is huge difference in two valuation report. Consequently, the final status report of Resolution Professional is rejected and let the new ..... X X X X Extracts X X X X X X X X Extracts X X X X
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