TMI Blog2017 (10) TMI 1388X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor shall go under liquidation as per provision of Chapter-III of the Insolvency and Bankruptcy Code, 2016 read with Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Since the Resolution Professional, Shri Sandeep Kumar Gupta has conducted only one meeting of the Committee of Creditors during 180 days of the period prescribed, even though no Resolution Plan was under consideration, but he did not advertise the notice in the newspaper for inviting proposal from investors /creditor or any other person. Resolution Professional has not also taken consent of Committee of Creditors for being appointed as Liquidator. On perusal of the record, it appears that the Corporate Debtor has filed this petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 2015-16 and 2016-17 and the cash flow for both the years has been negative. This petition under section 10 of Insolvency Bankruptcy Code, 2016 was admitted by an order dated I st May 2017 and by the recommendation of the Corporate Applicant, Shri Sandeep Kumar Gupta, Resolution Professional was appointed as Interim Resolution Professional. The Interim Resolution Professional filed his progress report on 15th July 2017 along with the Minutes of 1st Meeting of the Committee of Creditors held on 12th June 2017. It also appears that in the first meeting of Committee of Creditors, the resolution was passed to appoint Interim Resolution Professional to act as Resolution Professional and by the recommendation of the Committee of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d only one meeting of the Committee of Creditors during 180 days of the period prescribed, even though no Resolution Plan was under consideration, but he did not advertise the notice in the newspaper for inviting proposal from investors /creditor or any other person. Resolution Professional has not also taken consent of Committee of Creditors for being appointed as Liquidator. On perusal of the record, it appears that the Corporate Debtor has filed this petition under section 10 of the Insolvency Bankruptcy Code, 2016 for merely buying time. It also appears that R P has not taken proper steps for inviting Resolution Plan from investors and he submitted for further directions. In the present case, we think it proper not t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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