9911796707
TMI Blog2019 (4) TMI 1013X X X X Extracts X X X X X X X X Extracts X X X X ..... ollows:- a. Pass an order on Corporate Debtor, M/s. Gemini Communication Limited, be liquidated in the manner as laid down in the Insolvency and Bankruptcy Code, 2016. b. Pass an order in terms of Section 34(4) & 34(5) of the Insolvency and Bankruptcy Code, 2016 to replace the Resolution Professional, Shri. R. Mukundan and to appoint a new insolvency professional as the Liquidator. c. Pass such further or other orders/directions as deemed fit and appropriate by this Hon'ble Tribunal in the interests of justice. 3. Originally, CP/699/(IB)/CB/2017 was filed under Section 7 of the I&B Code, 2016, by the Financial Creditor viz., M/s. Baobab Broadband Limited against the Corporate Debtor viz., M/s. Gemini Communication Limited, which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Professional viz., Ms. Aishwarya Mohan Gahrana with the Applicant viz., Mr. R. Mukundan, which was later confirmed by this Authority vide Order dated 01.10.2018. 8. The Resolution Professional has taken over the records from IRP including the two "EoIs" received by her in respect of the Corporate Debtor and took charge of the management w.e.f. 04.10.2018. On scrutiny of the "EoIs", the Applicant has found that the same were inter alia not fulfilling the requisite eligibility criteria, and hence, both the "EoIs" were rejected. The Resolution Professional, with the approval of the CoCs, had made a fresh newspaper publication inviting for 'EoI' on 29.10.2018 in respect of Corporate Debtor fixing 27.12.2018 as last date for submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s meeting held on 29.01.2019. The CoCs, after deliberations have taken the view as follows:- "(i) The offer was very low compared to the debt, (ii) The offer was discriminatory between the creditors which is not acceptable, (iii) The right to pursue personal guarantee cannot be waived by the members, and (iv) The right of the consortium of 4 members to 75% of the proceedings with the BSNL cannot be waived in favour of the Resolution Applicant" 12. In the 11th Meeting of the CoCs held on 05.02.2019, the Resolution submitted by the Resolution Applicant viz., M/s. Rare Asset Reconstruction Limited, was again discussed by the CoCs and the same was put to vote through ballot paper and electronic voting. The CoCs, decided to reject the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Kasiviswanathan, (whose Reg. No. IBBI/IPA-001/IP-P00396/2017-18/10714, Email ID: [email protected]) as Company Liquidator, who shall file the declaration disclosure statement in the Registry of NCLT, Chennai, within two working days from the date of the receipt of this order and shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; III. The moratorium declared under Section 14 of the I&B Code, 2016, shall cease to have effect from the date of the order of liquidation; IV. Subject to Section 52 of the I&B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be Instituted by the Liquidator, on b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
