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TMI Blog2019 (7) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... . Kumar, President 1. This is an application filed by the Resolution Professional under Section 33 (1) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the "Code") for issuance of directions for liquidation of the corporate debtor, Shilpi Cable Technologies Limited. 2. The facts in brief are that the financial creditor, Macquarie Bank Ltd., had filed a petition bearing No. IB 64(PB)/2017 under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process against the corporate debtor. The said application was admitted by this tribunal vide order dated 24.05.2017 and Ms. Rita Gupta was appointed as Interim resolution Professional (IRP). 3. Thereafter, in terms of Regulation 6 (1) of the Insolvency and Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. and Anmol Sekhri Consultants Pvt. Ltd. to determine the liquidation value of the corporate debtor. Further as the difference in valuation was more than 40%, it was decided to appoint a third valuer and the report of the same was submitted in the third meeting of the CoC. The IRP also appointed M.K. Aggarwal & Co., Chartered Accountants to conduct a forensic audit. The Resolution Professional had also appointed Mott Macdonald to undertake feasibility study of the Resolution plans submitted. 7. As per the Evaluation Matrix approved by the committee of creditors in the meeting held on 16.01.2018, the resolution professional had invited the prospective resolution plan applicants to submit resolution plan, by publishing Expression of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... approved by them. In the fifteenth meeting of the CoC held on 16.10.2018 the CoC declared the consortium consisting of Vichitra Enterprises Private Limited and Combine Overseas Limited as the H1 bidder and directed the Resolution Professional to put the plan for approval of CoC through e-voting. Further the CoC also directed the Resolution Professional to file an application under Section 33 of the Code if the resolution plan is not approved by requisite majority. The resolution for the approval of the resolution plan by H1 bidder received only 19.56% votes and thereafter another resolution for liquidation received 78.25% of the voting share. 12. It is further submitted that as per the resolution passed in the Fifteenth meeting of the CoC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is under a mandatory statutory duty by virtue of Regulation 27 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016, to appoint two registered valuers within 7 days of his appointment but not later than 47th day from the insolvency commencement date to determine the fair value and liquidation value of the corporate debtor in accordance with Regulation 35. In the present case the IRP had appointed the registered valuers on 15.02.2018 and keeping in view the wide difference between the two valuation reports he appointed a third valuer and worked out the mean value based on the three valuation reports. In term of the proviso to Regulation 27 of the CIRP Regulations, objection could have been raised that the valuer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no other alternative but to order in conformity with the required majority decision of the CoC for liquidation of the corporate debtor under Section 33 of the Code. 18. The Resolution Professional has submitted its written consent by filing an affidavit, in Form AA under the Code, to be appointed as Liquidator in the present case. 19. As a result the application is allowed by ordering liquidation of the corporate debtor, namely Shilpi Cable Technologies Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 along with following directions: a. Mr. Huzefa Fakhri Sitabkhan, Resolution Professional holding registration No. IBBI/IPA- 001/IP-P00031/2017-18/10115 is appointed as Liquidator in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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