TMI Blog2020 (11) TMI 515X X X X Extracts X X X X X X X X Extracts X X X X ..... prospective investor was provided by the promoter group, the CoC has come to the conclusion to liquidate the corporate debtor. The CoC has unanimously decided to liquidate the company namely the corporate debtor and appoint the present resolution professional as liquidator. Since, no resolution plan has been received by this Authority under sub-section (6) of section 30 of the I and B Code, 2016, before the expiry of the maximum period of 180 days CIR process, in exercise of the powers conferred under sub-clauses (i), (ii) and (iii) of clause (a) of sub-section (1) of section 33 of the I and B Code, 2016, this Authority proceeds to pass the liquidation order - Application allowed. - M. A. No. 376 of 2020 in C. P. No. 1053/IB/2018 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, inviting the claims from the creditors. 5. Pursuance to the said publication dated December 19, 2019 the IRP has received claims from various creditors and after scrutiny of the claims received, the IRP constituted the committee of creditors (CoC), on January 8, 2020. 6. The first meeting of the CoC was held on January 13, 2020 as evident from Form H and the applicant, namely, Mr. S. Rajendran was appointed as resolution professional by the CoC. The resolution professional stated that soon after his appointment as resolution professional by the CoC, he had appointed two registered valuers on January 31, 2010. 7. It is averred that the resolution pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidate the company namely the corporate debtor and appoint the present resolution professional as liquidator. The operative part of the resolution reads as follows : Resolved that the company-KICL-be liquidated as per the pro visions of section 33(2) of the Insolvency and Bankruptcy Code, 2016 as no EoI was received even after the extension of time and considering that the outlook for the industry was negative. Further resolved that a fixed fee of ₹ 2 lakhs per months plus GST apart from a variable fee on the amount realised and distributed as under will be payable to the liquidator : Amount of realisation % of fees Remarks Up to ₹ 10 crores ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances, Mr. S. Rajendran is appointed as the liquidator in relation to the liquidation proceedings ordered hereby of the corporate debtor which is presently under CIR process. 11. In view of the facts and circumstances recorded by the resolution professional in M. A. No. 376 of 2020 in C. P. No. 1053/IB/2018 and since, no resolution plan has been received by this Authority under sub-section (6) of section 30 of the I and B Code, 2016, before the expiry of the maximum period of 180 days CIR process, in exercise of the powers conferred under sub-clauses (i), (ii) and (iii) of clause (a) of sub-section (1) of section 33 of the I and B Code, 2016, this Authority proceeds to pass the liquidation order as follows : (a) Mr. S. Raj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. (g) The liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016. (h) The liquidator is directed to investigate the financial affairs of the corporate debtor in terms of the provisions of section 35(1) of the IBC, 2016 read with relevant rules and regulations and file its response for disposal of any pending company applications during the process of liquidation. (i) The liquidator shall submit a preliminary report to this Authority within 75 (seventy-five) days from the liquidation commencement date as per regulation 13 of the Insolvency and Bankrupt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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