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TMI Blog2020 (1) TMI 469X X X X Extracts X X X X X X X X Extracts X X X X ..... ings against M/s. Emgee Cables and Communications Limited, Corporate Debtor herein, as approved by the Committee of Creditors ('CoC'). 2. Earlier, an Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 was filed by M/s. Packwell (India) Private Limited (Operational Creditor) against M/s. Emgee Cables and Communications Limited (Corporate Debtor). This Tribunal admitted the insolvency petition on 27.07.2018 and appointed one Mr. Sandeep Kumar Jain as Interim Resolution Professional ('IRP') in relation to the affairs of the Corporate Debtor. 3. The IRP complied with the provisions of the Code and constitu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assets charged to our bank is 6.93 crores, which is higher than the amount to our bank under the Resolution Plan i.e. Rs. 5.94 crores. (As per view expressed by Bank of Baroda, a key constituent of the CoC) 6. In the 10th meeting of CoC dated 20.04.2018, it was brought to the knowledge of the CoC members that the Resolution Plan was rejected and the 270 days period was going to expire on 22.04.2019. There was no possibility of resolution taking place in Emgee Cables and Communications Limited. Therefore, the CoC unanimously passed a resolution to liquidate the Corporate Debtor. The operative part of the said Resolution is reproduced below:- "Resolved that as per Chapter III of Part II of Insolvency and Bankruptcy Code, 2016, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lows: "(2) where the resolution professional at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the adjudicating authority of the decision of the committee of creditor approved by not less than sixty-six per cent of the voting share to liquidate the corporate debtor, the adjudicating Authority shall pass a liquidation order as referred to in sub-clause (i), (ii) and (iii) of clause (b) of Sub-Section (1)" 12. In view of the forgoing circumstances and taking into consideration the provisions of law as well as relevant facts, this Tribunal is constrained to order for liquidation of the corporate debtor and in such background the corporate debtor stands liquidated with the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; g. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant regulations; h. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016; i. Copy of this order be sent to the operational creditor, corporate debtor and the Liquidator for tak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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