TMI Blog2020 (9) TMI 512X X X X Extracts X X X X X X X X Extracts X X X X ..... CP (IB) No. 1061/MB/2017 - - - Dated:- 4-9-2020 - Hon ble Janab Mohammed Ajmal, Member Judicial And Hon ble Shri V. Nallasenapathy, Member Technical For the Applicant : Adv. Darryl Pereira ( Advocate for Applicant ) For MHADA ( Intervenor ) : Sr. Adv. Janak Dwarkadas i/b Adv. Sharmila Deshmukh ORDER Per : V. Nallasenapathy , Member ( Technical ) 1. This is an application by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (the Code) seeking orders for approval of Resolution Plan submitted by M/s Ravi Developments. 2. This Adjudicating Authority vide order dated 24.07.2017 admitted the Petition (CP (IB) No. 1061/MB/2017) under Section 7 of the Code initiating Corporate Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (c) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the average of the closest estimates provided by the two valuers shall be considered as the liquidation value of the assets of the Corporate Debtor which in this case is ₹ 1,26,64,22,716/- (Rupees One Hundred Twenty Six Crore Sixty Four Lakh Twenty Two Thousand Seven Hundred and Sixteen Only). 5. The Applicant submits that the CoC in the meeting held on 27.06.2018 approved the resolution plan submitted by M/s Ravi Developers with 86.16% voting share vide e-voting on 29.06.2018 and 30.06.2018. 6. The Applicant submits that previously he filed MA No. 96/2018 under Section 14 (1) (d) of the Code for restraining MHADA from taking over the possessio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... present circumstances it is not possible for them to abide by the commitments and obligations undertaken by them in the Resolution Plan and hence they are withdrawing the Resolution Plan. 9. In view of the facts stated in the Application filed by the Applicant nullifies the said Application filed under section 30(6), by virtue of Section 29A read with Regulation 36A. 10. Section 29A of the Code reads as below: 29A.Persons not eligible to be resolution applicant A person shall not be eligible to submit a resolution plan, if such person, or any other person acting jointly or in concert with such person a) is an undischarged insolvent; b) is a wilful defaulter in accordance with the guidelines of the Reserve Bank of I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended and there is no CoC as on date. 14. Section 33 of the Code reads as below: 33. Initiation of Liquidation (1) Where the Adjudicating Authority, (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instituted by or against the corporate debtor: Provided that a suit or other legal proceeding may be instituted by the Liquidator, on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority. (6) The provisions of sub-section (5) shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (7) The order for liquidation under this section shall be deemed to be a notice of discharge to the officers, employees and workmen of the corporate debtor, except when the business of the corporate debtor is continued during the liquidation process by the Liquidator. 15. In view of the above and ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Central Government in consultation with any financial sector regulator. e) All powers of the Board of Directors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. f) The Liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code, read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016. g) Personnel connected with the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as will be required for managing its affairs. h) The Liquidator shall be entitled to such fees as may be specified by the Board in terms of Section 34 (8) of the Code. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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