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TMI Blog2019 (5) TMI 1294X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Insolvency Resolution Process (CIRP) of M/s SMD Infraventures Pvt. Ltd. (Corporate Debtor) and for seeking liquidation of the corporate debtor pursuant to Section 33(1) of the Code. The application is made under Section 60(5) Code. 2. It is stated that consequent to application filed by the financial creditor the CIRP was initiated in the case of the corporate debtor under Section 7 of the Code on 03.04.2018 and on 11.04.2018, Shri Deepak Gupta (applicant) was appointed as IRP. It is stated that on 14.04.2018, public announcement was published in two newspapers in accordance with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Regulations) read w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency process costs to be paid will be decided by the Adjudicating Authority, which shall be acceptable to all the members of the COC. The consolidated expense sheet is stated to be enclosed as Annexure A-3 of the application in which the IRP/RP has proposed his fee @ Rs.1,00,000/- per month. 4. It is also stated that the period of 180 days of CIRP expired on 30.09.2018 and that in the absence of books of account, the applicant/RP cannot verify the claims received and cannot consequently prepare the information memorandum and therefore, the corporate debtor may be liquidated. It is submitted that the liquidation value of the assets is arrived at Rs.1,11,58,000/- by the registered valuers and that the total claims received from the financia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m could not be completed since the books of accounts was not handed over to the RP and the financial statements of the corporate debtor for the year 2015-16, 2016-17 and 2017-18 were not prepared/submitted to the Registrar of Companies. We find that CA No.210/2018 was filed under Section 19(2) of the Code seeking directions from the Tribunal against the Directors of the Suspended Board i.e. Shri Sandeep Kumar Jindal, Shri Jatinder Jain and Shri Mohammad Mughni Usmani to provide the necessary information/relevant documents and to cooperate in the CIRP. Vide order dated 08.06.2018, notice of the application was given to the three Directors for 20.07.2018 with directions to appear in person and show cause as to why they were not cooperating wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidated in the manner as laid down in Chapter III of the Code. 11. The prayer has also been made in the present application for ratifying the expenses and fee of IRP/RP during the CIRP. We find that vide order dated 20.11.2018, it is noted that so far as the claim with regard to expenses of RP is concerned, the learned counsel for the RP submits that the same would be made part of the liquidation cost or the cost of Corporate Insolvency Resolution Process and therefore, the prayer presently is confined only with regard to the liquidation of the corporate debtor for which the COC has taken a decision on 29.09.2018. 12. It has been stated in the instant application that some other insolvency professional apart from the applicant be di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of IPS valid for six months from 01.01.2019 to 30.06.2019, Shri Kuljeet Singh, IP registration No. IBBI/IPA- 002/IP-N00411/2017-2018/11203, email ID: [email protected] and Mobile No. 98880-10359 is picked up and appointed as liquidator for the liquidation process of the corporate debtor. 14. It is further observed that all the directions/requirements and provisions of Chapter III of the Code and Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as Liquidation Process Regulations, 2016) shall be strictly complied with. Some of the directions are noted as under:- (i) That as per Section 33(5) of the Code and subject to Section 52 of the Code, no suit or other legal proceedings s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ning to the corporate debtor in his possession and knowledge to Shri Kuljeet Singh, Liquidator. 11. The Liquidator shall publish public announcement in accordance with Regulation 12 of the Liquidation Process Regulations, 2016 and in Form B of Schedule II of these Regulations within five days from receipt of this order calling upon the stake holders to submit their claims as on liquidation commencement date and provide the last date for submission of claim which shall be 30 days from the liquidation commencement date. 12. It is further directed that the announcement shall be published in accordance with Regulation 12(3) as under:- "(a) In one English and one regional language newspaper with wide circulation at the location of the reg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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