TMI Blog2020 (1) TMI 469X X X X Extracts X X X X X X X X Extracts X X X X ..... to follow, on and from the date of this order in terms of the provisions of the Insolvency and Bankruptcy Code, 2016 and more particularly as given in Chapter III of the Insolvency and Bankruptcy Code, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017. - IA NO. 117/JPR/2019, CP(IB) NO. 601 (ND)/2018, TA NO. 69/2018 - - - Dated:- 18-9-2019 - Dr. Poondla Bhaskara Mohan, Judicial Member And Raghu Nayyar, Technical Member Anubha Singh, Adv. and B.D. Upadhaya, AGM for the Applicant. Amol Vyas, Aishwarya Sharma, Sarvesh Jain, Ankit Sareen and Daksh Pareek, Advs. for the Respondent. ORDER 1. This IA/117/JPR/2019 is filed by the Resolution Professional und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kineta Global Limited. 5. RP convened second meeting of CoC on 12.02.2019, to discuss the plan in detail and to seek the vote of the CoC members on the plan. After discussion and deliberation, it was decided by the CoC members that the plan is not acceptable and the Resolution Applicant should be called upon to improve the terms of the plan. Subsequently, the resolution plan was revised two times but the same was rejected by the CoC through e-voting held between 11.04.2019 to 16.04.2019. The votes against/abstentions aggregated to 89.43% of the total voting share. The Reasons stated by the CoC for rejections of plan are as follows: (a) Major source of funds are Realization of Loans and advances (₹ 6.55 crores) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, 2016 to the related respondents. 8. IA No. 185/JPR/2019 was filed by Equitas Small Finance Bank Ltd. praying for condonation of delay of 182 days in the filing of their claim before the IRP, and to set aside the decision dated 14.02.2019 of the RP of rejection of the proof of claim and further to direct the RP to accept/admit the proof of claim of the applicant bank. 9. IA No. 215/JPR/2019 was filed by Resolution Applicant praying that the RP be directed to present the proposed resolution plan before the CoC for reconsideration. 10. IA No. 236/JPR/2019 was filed by the Resolution Applicant with the prayer that Bank of Baroda may be added as necessary party in the array of the respondents. 11. Taking in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its meeting on 20.04.2019 has not proposed any person's name; b. Mr. Suresh Chand Garg is directed to issue Public Announcement stating that the corporate debtor is in liquidation, in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; c. The Registry is directed to communicate this Order to the Registrar of Companies, Jaipur and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income-tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly, in relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate abo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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