TMI Blog2021 (1) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... o liquidate the Corporate Debtor. Further, even during the Liquidation process, subject to Section 29A of the IBC, 2016 and as per Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016, a 90 day time period is provided to submit a Scheme as contemplated under Section 230 of the Companies Act, 2013, and if the Promoter / Director of the Corporate Debtor is otherwise found eligible can very well submit a Scheme for the revival of the Corporate Debtor. The Liquidation of Corporate Debtor is ordered - 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. - IA/670/2020 in CP/1156/2018 - - - Dated:- 23-12-2020 - R. VARADHARAJAN, MEMBER (JUDICIAL) AND ANIL KUMAR B, MEMBER (TECHNICAL) For Applicant : P R Raman, Resolution Professional ORDER This is an application filed under Section 33(1) and 34 (1) of the Insolvency and Bankruptcy Code 2016 (in short 'IBC, 2016') seeking relief as follows: i) Pass necessary order Liquidating the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red. The applicant submitted that due to the non-cooperation on the part of the erstwhile Directors of the Corporate Debtor, the applicant filed MA No.590/2019 before this Tribunal and this Tribunal vide its order dated 11.07.2019 directed the shareholders and the Managing Director to extend assistance and cooperation to the applicant by providing all relevant information of the Corporate Debtor including the Debtors Ledger, Books of Accounts, Financial details etc., However, it is stated that the shareholders have failed to comply with the said orders. 6. The applicant submitted that he has filed an application under section 66 of IBC 2016 for the reversion of a sum of ₹ 67,79,967/- which was fraudulently diverted one Mr. Kolanchinathan, and Mr. Sathyamurthy, Mr. Balaji Shreedhar, which application is numbered as MA 820/2019, and the same is pending adjudication. 7. It is also stated by the applicant that he has sent various notices to the erstwhile directors, shareholders and also to the Statutory Auditor of the Corporate Debtor to extend their cooperation in providing details of financials and asset for finalization of the statutory audit and for preparing the Info ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unanimously resolved to extend the CIRP in relation to the Corporate Debtor for a further period of 90 days with effect from 29.02.2020 and accordingly the applicant filed IA/203/2020 to extend the CIRP in relation to the Corporate Debtor for a further period of 90 days. However, this Tribunal vide order dated 04.03.2020 dismissed the said IA 203/2020 as it could not find exceptional circumstances to extend the CIRP beyond 330 days. As things stands thus, the applicant in view of dismissal of the application for extension of CIRP period beyond 330 days by this Tribunal, has filed the present application for liquidation of the Corporate Debtor, which has been unanimously resolved by the CoC in its 6th meeting held on 27.02.2020. The applicant herein has also filed his written consent to act as Liquidator of the Corporate Debtor if he is being appointed by this Tribunal as the Liquidator of the Corporate Debtor and as such it has also been stated that no disciplinary proceedings is pending against the applicant by the IBBI or by any Insolvency Professional Agencies. The applicant has also placed on record the Authorisation For Assignment (AFA) issued by the Institute of Insolvency P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded to submit a Scheme as contemplated under Section 230 of the Companies Act, 2013, and if the Promoter / Director of the Corporate Debtor is otherwise found eligible can very well submit a Scheme for the revival of the Corporate Debtor 14. Thus, in view of the facts and circumstances of the case, this Tribunal hereby order, liquidation of the Corporate Debtor by appointing PATHUKASAHASRAM RAGHUNATHAN RAMAN, IBBI Reg. No. IBBI/IPA-002/IP-N00295/2017-18/10896 as the Liquidator of the 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 Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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