TMI Blog2019 (10) TMI 1347X X X X Extracts X X X X X X X X Extracts X X X X ..... f liquidation by 100% voting - it is the commercial wisdom of the CoC, as such, we do not found any reason to interfere with the decision of the CoC. Accordingly, the application so filed by the RP is allowed and the RP may continue as liquidator. However, the liquidator is expected to dispose off the Corporate Debtor Company as a going concern. Application disposed off. - IA No. 468/NCLT/AHM/2019 in C.P. No. (I.B.) 204/9/NCLT/AHM/2017 - - - Dated:- 9-10-2019 - Manorama Kumari, Member (J) and Chocklingram Thirunavukkarasu, Member (T) For the Appellant : Nikita C. Jain and Rajendra Sharma, Director of Suspended Board of Directors. ORDER Manorama Kumari, Member (J) 1. The instant application is filed by the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 years before the commencement of Corporate Insolvency Resolution Process (hereinafter referred as CIRP ). RP further suggested to discontinue the services of M/s. Patel and Jesalpur. 6. On perusal of the record, it is found that RP received a claim from M/s. Jana Small Finance Bank Ltd. on 23.02.2019. After reviewing the same, RP requested M/s. Jana Small Finance Bank Ltd. to submit a fresh claim as the documents submitted were not appropriate. RP also received a claim from M/s. Vicky Overseas on 14.02.2019. 7. As per the directions of CoC, RP invited quotation from three Forensic Auditors to carry out Forensic Audit for the period from 03.11.2016 to 02.11.2018 on 25.02.2019 i.e. M/s. Rajvanshi Associates, M/s. R R Tibrewala Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be high, as disclosed earlier and therefore, the net worth of a Company/individual/ firm needs to be reduced to ₹ 50,00,000/- and directed the RP to publish the EoI which was published again with the modified criteria on 25.04.2019. 12. In the 9th CoC meeting, RP apprised the CoC about the revised public announcement made on 25.04.2019 for inviting EoI and the last date for submission was fixed on 06.05.2019. Since, no resolution plan was received, CoC directed the RP to call next meeting of CoC to discuss liquidation. 13. Accordingly, in the absence of any EoI, CoC passed a resolution in its 10th CoC meeting to liquidate the Corporate Debtor Company and further resolved the appointment of RP as liquidator. 14. We have go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quidation Process) Regulations, 2016. In case it is not concluded within this period, the order of this Tribunal directing the sale of the Corporate Debtor Company as a going concern shall stand set aside and Corporate Debtor Company to be liquidated in the manner as laid down in chapter III of the Liquidation Process as provided in IB Code. b) The Liquidator is further directed to issue public announcement stating that the Corporate Debtor Company is in liquidation. c) It is also directed that copy of the order be sent to the Registrar of Companies with which the Corporate Debtor Company is registered. 17. Accordingly, the instant IA is allowed and stands disposed of with the above observations. - - TaxTMI - TMITax - Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X
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