TMI Blog2020 (9) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... t available. Hence, the scheduled meeting was, after consultation with CoC members, adjourned to 13.06.2020 - The adjourned meeting was convened on 13.06.2020 through a conference call and the Resolution for liquidation of Corporate Debtor was adopted with 100% vote share and the RP was authorised to make necessary Application in that regard. The Applicant submits as the lockdown due to Covid-19 was continuing, the resolution passed in the adjourned meeting convened on 13.06.2020 be considered as a part of the meeting originally scheduled on 11.03.2020. The Applicant Resolution Professional has given his consent to act as Liquidator. However, it is noticed that the proposed fee of the Liquidator has been rejected by the CoC. The Appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion auditor were appointed by the Applicant on 07.01.2020. Further in the 4th CoC meeting held on 18.12.2019 the RP presented the contents of Form-G and Expression of Interest (EoI) to the CoC members. However, in the same meeting the representative of the Yes Bank submitted that since they expect no value from the assets of the Corporate Debtor, as there are no assets in the Company other than major receivables from associate concerns and group companies, the CoC members will explore possibility of directly passing the resolution for liquidation without further process of issuing Form-G and EoI in public. As no physical assets were available in the Company there was hardly any possibility of receiving any Resolution Plan for the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as they did not have a mandate to take any decision due to the restructuring that was underway. Therefore, Yes Bank requested for deferring the issue. Thus, the view of the majority vote share holder was not available. Hence, the scheduled meeting was, after consultation with CoC members, adjourned to 13.06.2020. 7. The Applicant submits that in the meantime the CIRP period of 180 days has elapsed on 18.03.2020. 8. The adjourned meeting was convened on 13.06.2020 through a conference call and the Resolution for liquidation of Corporate Debtor was adopted with 100% vote share and the RP was authorised to make necessary Application in that regard. The Applicant submits as the lockdown due to Covid-19 was continuing, the resolution passe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. f) 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. g) 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. h) Personnel connected with the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as will be required for managing its affairs. i) The Liquidator shall be entitled to such fee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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