TMI Blog2018 (9) TMI 1952X X X X Extracts X X X X X X X X Extracts X X X X ..... The Corporate Debtor Shree Ganesh Jewellery House (I) Limited is directed to be liquidated in the manner as laid down in Chapter III, Part II of the Insolvency and Bankruptcy Code, 2016 read with Section 33(1) of the I B Code, 2016 - application allowed. - C.A. (IB) No. 839/KB/2018, C.P. (IB) No. 579/KB/2017 - - - Dated:- 14-9-2018 - Jinan K.R., JUDICIAL MEMBER For the Appellant : Anup Kumar Singh, RP For the Respondent : S. Kabiraj, Adv. ORDER 1. This is an application filed by the Resolution Professional praying for an order of liquidation of the Corporate Debtor, namely, Shree Ganesh Jewellery House (I) Ltd., under Section 33(1) of the Insolvency Bankruptcy Code, 2016 (in short, I B Code). 2. The C.P. (IB) No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the instance of the RP by making applications, the CBI and DRI did not hand over the necessary documents relating to the corporate debtor. In the above said factual background, the Resolution Professional was unable to prepare the Information Memorandum of the Corporate Debtor. However, the Committee of Creditors, in the meeting held on 12.06.2018, requested the Resolution Professional to prepare Information Memorandum of the Corporate Debtor on the basis of the limited information available, in order to expedite the process of CIRP. In the meanwhile, the promoter of the Corporate Debtor, Mr. Nilesh Parekh, who was appearing before the RP and the CoC to aid the CIRP, was arrested by DRI on 15.06.2018 and thereby the RP could not carry out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of the corporate debtor, the CoC, in the 5th CoC meeting dated 25.08.2018 decided to apply for passing an order of liquidation of the corporate debtor upon the following grounds: (a) That Shree Ganesh Jewellery House (I) Ltd., Corporate Debtor is declared as Fraud account; (b) That the account is inoperative since year 2015; (c) That Information Memorandum which needs to be circulated within 14 days of appointment of Resolution Professional is still pending as the Corporate Debtor has not filed Annual Returns since year 2014-15. The petition filed as on 10th July, 2018 with the Hon'ble AA to accept the draft IM on the basis of the last audited annual financial statement as available i.e. for FY 2013-14 FY 2014-15 is still ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the said decisions, the Resolution Professional moved this application for passing order under Section 33(1) to liquidate the Corporate Debtor. Upon hearing the argument on the side of the Ld. Counsel appearing for the Resolution Professional at length, I am satisfied that this is a fit case in which liquidation of the Corporate Debtor is to be ordered in accordance with Section 33(1), Chapter III of the Insolvency and Bankruptcy Code, 2016. Therefore, the application is liable to be allowed. The Resolution Professional being consented to continue as a Liquidator, he is appointed as the Liquidator. Therefore, this application is allowed by passing an order requiring the Corporate Debtor to be liquidated in the manner as laid down in Cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Part II of the Insolvency and Bankruptcy Code, 2016. (vii) Upon proceeding with the liquidation, the Liquidator shall file a Preliminary Report as per Regulation 5 read with Reg. 13 of the IBBI (Liquidation) Regulations, 2016 at the registry within 75 days from the liquidation commencement date and continue to file Progress Reports as per Reg. 15(1) within 15 days after the end of the quarter in which he is appointed. (viii) The fee payable to the Liquidator shall form part of the liquidation cost as provided under Reg. 4(1) of the IBBI (Liquidation Process) Regulations, 2016. CA (IB) NO. 839/KB/2018 in CP (IB) No. 579/KB/2017 is disposed of accordingly. Copy of this order is to be sent to the Liquidator, financial creditor and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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