TMI Blog2019 (9) TMI 1463X X X X Extracts X X X X X X X X Extracts X X X X ..... e resolution plan provided only for 794.92 lacs in cash component and ₹ 426.21 lacs in Equity shares component expressed in value terms. The hair cut which was required to be suffered by the respective members of the COC is purely a commercial decision of the members of the COC and taking into consideration the overall interest including the commercial one, if a decision has been arrived at by the COC after making considerable efforts as is evident from the facts which have had transpired during the CIRP of the Corporate Debtor for resolution and by the rejection of the resolution plan the Creditor have thereby hurtled the CD to liquidation cannot be faulted. In view of the expiry of the period CIRP has contemplated under the provisions of IBC and as the resolution plan had also been rejected by the COC by overwhelming majority of more than 84%, this tribunal taking into consideration the provisions of Sec. 33 of IBC is perforce required to initiate the liquidation process in relation to the CD. The Corporate Debtor is allowed to be liquidated - application disposed off. - C.A. Nos. 295, 297/C-III/ND/2019 and IB 343/ND/2017 - - - Dated:- 23-9-2019 - R. Varadharaj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... COC had changed the IRP to the present RP who has filed this application and the said change seems to have been approved by this Tribunal on 5.4.2018. In the meanwhile, it is also brought to the notice of this Tribunal by the RP that the earlier IRP had appointed registered Valuers on 14.2.2018. However, the same stood changed by the present RP with the approval of the COC by appointing two Valuers on 9.5.2018. It is also brought to the notice of this Tribunal that invitation for expression of interest was issued on 21.7.2018 which subsequently was extended by the COC on 18.8.2018 pursuant to which the same got published on 21.8.2018. On 2.9.2018, the final list of eligible prospective Resolution applicants were made and the last date of submission of Resolution Plan which was required to be given on 20.9.2018 by the Prospective Resolution applicants was extended by the COC in its meeting held on 24.9.2018. Resolution Plan was placed before the COC for approval. However, the COC has not approved the resolution plan by E/Voting on 29.9.2018 and in the circumstances no resolution plan was filed before the Adjudicating Authority namely this Tribunal for the approval of the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a total payment of ₹ 8,01,32,858/- subject to release of all collateral and personal guarantee. Since the above resolution plan as submitted was not acceptable to the members of the COC, one more chance was given to the resolution applicants. It is averred in the application that to the above said resolution plan to revise the plan and to submit the same before the RP before the start of the scheduled COC meeting proposed on 26.9.2018. On 26.9.2018, deliberation seems to have taken place between the members of the COC as well as the resolution applicant. The RP was directed to place the resolution plan for E/voting and E/Voting was conducted from 28.9.2018 to 29.9.18 and as per the result of the E/Voting, the COC by voting share 84.17% has not approved the resolution plan as submitted by the resolution applicants and it is also recommended by way of resolution that the present RP, namely, Ashwani Kumar Gupta to be proposed as the Liquidator for which the proposal resolution had been approved with 82.34% of the voting share of the members of the COC and in the circumstances this application. From the narration of the happenings as above, it is seen that attempt have been ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... process. Be that as it may, however, in view of the expiry of the period CIRP has contemplated under the provisions of IBC and as the resolution plan had also been rejected by the COC by overwhelming majority of more than 84%, this tribunal taking into consideration the provisions of Sec. 33 of IBC is perforce required to initiate the liquidation process in relation to the CD. Since the COC had also proposed the name of Mr. Ashwani Kumar Gupta to act as liquidator and has also expressed his consent as such we appoint the said Mr. Ashwani Kumar Gupta to act as the Liquidator to take forward the liquidation process of the CD. In view of the declaration of the Liquidation of the CD, the following directions are issued namely Mr. Ashwani Kumar Gupta, the present RP is hereby appointed as the Liquidator in view of the CoC proposing his name as the Liquidator and also in view of his consent having been furnished to act as such to carry forward the liquidation of the CD henceforth. The Liquidator appointed 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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