TMI Blog2019 (6) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor to be liquidated as laid down under Chapter III of the I B Code, 2016. It is stated by the Resolution Professional that no Resolution Plan was approved by the CoC, the maximum period of 270 days has also been completed on 30.10.2018, and therefore, the Corporate Debtor may be ordered for liquidation on a 'going concern' basis - Since, no Resolution Plan has been received by this Authority under sub-section (6) of Section 30 of the I B Code, 2016, before the expiry of the maximum period of 270 days of CIR Process, the Corporate Debtor has to be ordered for Liquidation. Application filed by the Resolution Professional under Section 33(l)(a) of the I B Code, 2016, for initiation of the Liquidation Proceedings ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or viz., M/s. Summer India Textiles Mills Private Limited, which was admitted by this Authority vide Order dated 13.06.2017, the CIR Process was initiated against the Corporate Debtor and the Applicant viz., Mr. C.V. Madhusudhanan was appointed as Interim Resolution Professional (IRP) in the matter. 4. It is stated that pursuant to the Order of this Authority dated 13.6.2017, the IRP had taken over the management of the Corporate Debtor and had issued the Newspaper Publication in two edition one in English and another in vernacular as per Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016, inviting the claims from the creditors, fixing the las ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r another period of 30 days. 9. It is averred that the Resolution Professional has received a Resolution Plan from one M/s. Sarathy Exports and the same was placed before the 7th Meeting of CoC held on 16.03.2018 for deliberations and discussions by the CoC. 10. It is averred that in 8th Meeting of the CoC held on 28.3.2018, the CoC resolved to liquidate the Corporate Debtor in terms of section 33 of the I B Code, 2016. However, the meetings of the CoC were adjourned sine die due to stay on CIR Process granted by the Hon'ble Supreme Court. 11. It is stated that one of the suspended Directors of the Corporate Debtor (for short, the Director) has filed the Writ Petition No. 15489/2017 before th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 33(1)(a), upon completion of the maximum period under section 12 of the I B Code, 2016, this Authority may pass an order requiring the Corporate Debtor to be liquidated as laid down under Chapter III of the I B Code, 2016. It is stated by the Resolution Professional that no Resolution Plan was approved by the CoC, the maximum period of 270 days has also been completed on 30.10.2018, and therefore, the Corporate Debtor may be ordered for liquidation on a 'going concern' basis. 13. Since, no Resolution Plan has been received by this Authority under sub-section (6) of Section 30 of the I B Code, 2016, before the expiry of the maximum period of 270 days of CIR Process, the Corporate Debtor has to be ordered for Liquidatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Central Government in consultation with any financial sector regulator; VI. This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator; VII. 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 with the Company Liquidator viz., Mr. C.V. Madhusudhanan. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I B Code, 2016, r/w Insol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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