TMI Blog2021 (1) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... No.35/KOB/2019 - - - Dated:- 11-1-2021 - Mr. Ashok Kumar Borah, Member (Judicial) For Applicant : Mr. Sathiq Buhari, Interim Resolution Professional (In person) ORDER This IA has been filed by Shri Sathiq Buhari, Interim Resolution Professional in the matter of Goodwin Packpet Private Limited, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 for liquidation of the Corporate Debtor. 2. The brief facts of the case are that by order dated 22.4.2020, this Tribunal admitted the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Amarjeet Singh, Proprietor of Vineet Enterprises, Ernakulam, Kerala, the operational creditor against M/s Goodwin Packpet Private Limited, cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tension of time. The CoC decided to call for records from the suspended directors within three days. However again the suspended directors did not cooperate in providing the documents. 2nd CoC meeting was held on 23.11.2020 and the CoC discussed the issue in detail and decided that without the cooperation of the CD it is impossible to complete the CIRP without cooperation from the side of the suspended directors. The CoC consists of financial creditors having 100% voting power to take a decision for liquidation. Hence the CoC decided to go for liquidation and authorized the IRP to file a liquidation intimation petition before this Tribunal on or before 30.11.2020 under Section 33(2) of IBC 220. Since the suspended directors of CD are n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed before 1.12.2020 for the reason that 28th,29th and 30th Nov. 2020 were declared holidays for this Tribunal. He has also stated that the WP(C) No.24637/2020 filed before the Hon ble High Court of Kerala challenging the CIR proceedings was dismissed on 4.12.2020 as it has become infructuous in view of filing of liquidation application before this Tribunal. The IRP has produced a copy of the order passed by Hon ble High Court of Kerala on 4th December, 2020 in WP (C ) No.24637 of 2020 in which it is stated that the date mentioned for taking over the management and possession of the assets of the company of which the petitioners are directors is already over and moreover the order impugned (Ex.P2) (Order in IA 184/20) is an appealable o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors approved by not less than sixty-six percent of the voting share to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). Explanation- For the purposes of this sub-section, it is hereby declared that the committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub-section (1) of section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum. 6. After considering all the above aspects, a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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