TMI Blog2018 (12) TMI 1807X X X X Extracts X X X X X X X X Extracts X X X X ..... eriod of 270 days and since the Committee of Creditors has decided to have liquidation of the Corporate debtor, I have no other alternative than to pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in the Chapter Ill read with Section 33 of the I B code, 2016. Application dismissed. - CP(IB) No. 593/KB/2017 - - - Dated:- 6-12-2018 - Mr. Jinan K.R., Member(Judicial) Mr. Ravi Sankar Devarakonda, Resolution Professional For the Resolution Professional: S Mitra, S Das, Mr. Rishad Medora, Advocate For the Resolution Applicant : Rajarshi Dutta, M Das, Advocate For AFCONS Mr. Lokenath Chatterjee, Ms. Sanchari Chakraborty, Mr. S Chakraborty, Ms. Debleena Ganguly, Advocate For NHPL Mrs. Manju Bhuteria, Mr. Atish Ghosh, Advocate Mr. S Ghosh, Advocate ORDER Jinan K. R., Member(Judicial) 1. The CP(IB) No. 593/KB/2017 was filed by the State Bank of India/financial Creditor for initiating the Corporate Insolvency Resolution Process as against the Corporate debtor, Coastal Projects Limited as per section 7 of the Insolvency bankruptcy code, 2016. 2. Vide Order da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Professional. 5. In the meanwhile, the Resolution Applicant also filed CA(IB) No. 965/KB/2018 for reconsideration of the resolution Plan by the Committee of Creditors. 6. All these applications came up for consideration after the expiry of the mandatory period of the CIRP process. Therefore, none of the Applications requires any consideration and therefore, those applications are not elaborately discussed here in this case. 7. When the case was posted on 03-10-2018 for filing the final report by the RP, the RP has submitted that no Resolution Application was under consideration and he was intending to move an Application for liquidation. Thereby, the case was adjourned to 11-10-2018. Thereafter, the case was adjourned because of filing of interim Applications. Lastly, it was heard on 30-11-2018. 8. The Ld. Counsel appearing for the Resolution Applicant in CA(IB) No. 965/KB/2018 has submitted that the period taken by the RP and the COC in regard to finalisation of the approval of the Resolution Plan if excluded, one more opportunity can be availed by the Resolution applicant for submitting his revised Resolution Plan. The said submission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... negotiation with the only one Resolution Applicant. On 26-09-2018, the Resolution Plan was put in for voting and it was not successful. Even on 2609-2018, there were few more days left for completion of the CIRP period. No effort seems to have been made from the Resolution Professional or from the Committee of Creditors to see that the Plan is to be modified to suit the demand on the side of the Resolution Applicant for waiver of furnishing Performance Bank Guarantee. What is the modification expected from Resolution Applicant is also not brought to the notice of the Resolution Applicant. The Resolution Applicant and the COC were aware of the expiry date of CIRR 14. On 1 st October, 2018, the Resolution Applicant at his own interest approached the Resolution Professional and submitted the revised Resolution Plan. That Plan was not discussed. The Resolution Professional has submitted that the revised Resolution Plan has not been considered by the Committee of creditors for the reason of expiry of the period of CIRP. However, it is understood that at the instance of the Resolution Professional, a meeting has been convened on 08-10-2018 in Hyderabad to discuss with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For 14 days from Appointment of IRP T+14 Regulation 12(2) Submission of claims Upto 90 th day of commencement T+90 Regulation 13(1) Verification of claims received under Regulation 12(1) Within 7 days from the receipt of the claim T+21 Regulation 13(2) Verification of claims received T+97 under Regulation 12(2) Section 21(6A)(b)/Regulation 16A Application for appointment of AR Within 2 days from verification of claims received under regulation 12(1) Within 7 days of the constitution of the COC, but with seven days' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithin 115 days of commencement T+115 to file application to AA for appropriate Within 135 days of commencement T+135 Regulation 36(1) Submission of 1M to coc Within 2 weeks of appointment of RP, but not T+54 later than 54 th day of commencement Regulation 36A Publish Form G Within 75 days of commencement T+75 Invitation of EOI Submission of EOI At least 15 days from issue of EOI(assume 15 days) T +90 Provisional List RAs by RP of Within 10 days from the date of provisional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to have liquidation of the Corporate debtor, I have no other alternative than to pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in the Chapter Ill read with Section 33 of the I B code, 2016. 20. The CA(IB) No. 965/KB/2018, upon the reason highlighted above, requires no consideration and it is liable to be dismissed. The CA(IB) No. 955/KB/2018 is an Application for admitting the claim put forward by the Operational Creditor. Since an order of liquidation is passed, this CA also requires no consideration. It is liable to be dismissed. However, with a liberty to submit the claim, if any, to the Liquidator. The Resolution Professional in the instant case has consented to continue the liquidation process as a Liquidator. Therefore, he is to be appointed as the Liquidator in CP(IB) No. 593/KB/2017. 21. In view of the above said discussions, I am passing an order requiring the corporate debtor to be liquidated in the manner as laid down in the Chapter Ill read with section 33 of I B Code upon the following orders: ORDER i) Mr. Ravi Sankar Devarakonda is appointed as the Liquidator Issue notice of appointment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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