TMI Blog2020 (9) TMI 995X X X X Extracts X X X X X X X X Extracts X X X X ..... t II of the Insolvency and Bankruptcy Code, 2016. - I.A. 2124 (PB)/2020 in Company Petition No. (IB) - 117 (PB)/2019 - - - Dated:- 24-7-2020 - Hemant Kumar Sarangi Member (T) And B.S.V. Prakash Kumar, Actg. President For the Appellant/Respondent : Mano Rajani, Adv., S.V. Satyanarayana, R.P., Sunil Bagada, Chief Manager, Santosh Sarikanda, Navya, PCA and TSN Raja ORDER HEMANT KUMAR SARANGI MEMBER (T) 1. This is an application filed by the Resolution Professional, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance of directions for liquidation of the Corporate Debtor, M/s. Beta Infratech Private Limited. 2. The facts in brief are that the Financial C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assets Reconstruction Pvt. Ltd. (Eight Capital Group) and M/s. Aditya Birla ARC Ltd. had submitted the EOIs. 6. As per the Applicant, after verification of their eligibility, RP with the approval of CoC, furnished the information memorandum, Evaluation Matrix and Request for Resolution Plan (RFRP), to both the prospective Resolution Applicants. Neither of the parties submitted the Resolution Plan till the last date 27.10.2019. But M/s. Aditya Birla ARC Ltd sought more time for submission stating that, they are still evaluating the proposal and are also yet to finalise their partners. 7. However, in the fourth meeting of CoC, it was decided that the timeline for submission of expression of interest should be extended, consequently, an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lity for EOI. 11. Further, due to non-receipt of any Resolution Plan several extensions of time for submission of the same, the CoC has agreed to intimate the Liquidation Proceedings of the Corporate Debtor in terms of applicable provisions of the law. 12. Thereafter, in the 7th meeting of CoC it was decided that an application for liquidation of corporate debtor should be filed before the Tribunal. It is also submitted that the CoC in its 24th meeting has also deliberated regarding sale of Corporate Debtor as a going concern and also Compromise and Arrangement under Section 230 of the Companies Act, 2013. 13. The ex-management of the corporate debtor has raised objection with the contention that the offer made by the resolution ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d permitted for completion of the corporation insolvency resolution process under Section 12 does not receive a resolution plan under sub-section (6) of Section 30, it shall pass an order requiring the corporate debtor to be liquidated in the manner as laid down in the Chapter. 17. Therefore, upon failure of the resolution process there being no approved resolution plan and on completion of the statutory CIRP period; Liquidation has to follow. Adherence to statutory requirements has to be in toto. When the language of the Code is clear and explicit the Adjudicating Authority must give effect to it whatever may be the consequences. 18. In the factual background and in the absence of any approved resolution plan and for want of time be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e liquidator shall follow up and investigate the financial affairs of the corporate debtor in accordance with provisions of Section 35(1) of the Code. g. The liquidator shall also follow up the pending applications for their disposal during the process of liquidation including initiation of steps for recovery of dues of the Corporate Debtor as per law. h. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. i. Copy of this order be sent to the Financial Creditors, Corporate Debtor and the Liquidator for taking necessary steps. j. I.A. 2124 (PB)/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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