TMI Blog2020 (9) TMI 891X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Promoters/Directors of the Corporate Debtor and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan -Vs- Indian Overseas Bank [ 2019 (2) TMI 1043 - SUPREME COURT ] this Tribunal orders for the liquidation of the Corporate Debtor. The Liquidator of the Corporate Debtor is directed to carryout the liquidation process subject to the directions issued - Liquidator shall strictly act in accordance with the provisions of IBC, 2016 and the attendant Rules and regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended upto date enjoined upon him. Application disposed off. - MA/103/2020 in CP/1441/IB/2018 - - - Dated:- 5-5-2020 - R. Varadharajan, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received from the erstwhile Directors to settle the Financial Creditor, further in the said meeting the CoC has also approved for the appointment of Registered Valuer and for the issuance of the Expression of Interest. 3. It is averred in the application that the Applicant had appointed two registered valuers each for determining the fair value and the liquidation value of the Land and Building and Plant and Machinery of the Corporate Debtor and since there were no financial assets in the Corporate Debtor, no financial valuer was appointed by the Applicant. It is evident from Form-H filed by the Applicant that the Fair Value for the Land and Building is arrived at ₹ 2,80,49,000/- and for Plant and Machinery is ₹ 84,26,800/- a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor is not disqualified under Section 29A. It is submitted that the Applicant replied to the mail sent by the erstwhile Director requesting them to submit a formal Expression of Interest, however, till now the formal expression of interest has not yet been received by the Applicant. 6. It was submitted that the CoC was reconstituted by the Applicant and the 3rd CoC meeting was held on 06.11.2019, and the list of Financial Creditor's of the Corporate Debtor being members of the CoC and the distribution of their voting share is extracted hereunder; 7. It was submitted that the last date of submission of the Resolution Plan was on 04.12.2019, however the Applicant sent various mails to the erstwhile Director of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to deliberate on the approval of the Resolution Plan only after the receipt of a formal Resolution Plan and as such no deliberations took place as no formal Resolution Plan was submitted. 9. Thereafter, the 6th CoC meeting held on 18.01.2020, wherein the CoC has reiterated to liquidate the Corporate Debtor and has passed the Resolution to this effect, which is extracted hereunder; The Committee noted that in its previous meeting, the Committee has resolved to liquidate the Corporate Debtor. However based on the request of the Resolution Applicant the CoC once again meet to consider extension of the CIRP period instead of Liquidation. The members of the Committee after deliberation reiterated the decision taken at the previous meetin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor to carryout the liquidation process subject to the following terms of the directions. a) The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 and the attendant Rules and regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended upto date enjoined upon him. b) The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/employees and workers of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge. c) The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to prefere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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