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TMI Blog2020 (1) TMI 1403X X X X Extracts X X X X X X X X Extracts X X X X ..... conducting the CoC and the Resolution that came to be passed by the CoC on 19-6-2019 is based on the misrepresentation. 2. The Resolution Professional has submitted that the Agenda which was placed before the 5th CoC is clear. There was no ambiguity and the maximum time period for CIRP was already utilized. The resolution was passed by the CoC for liquidation of the Corporate Debtor viz. M/s. Newgen Specialty Plastics Ltd. with. 100 per cent voting share as recorded in the minutes under Annexure-A to the present application. During the course of hearing a specific query has been put to the counsel for the CoC that as to how it comes that the CoC was not conversant with the procedure to be followed under the provisions of the IBC and the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 by the Operational Creditor (OC) was admitted by this Authority vide Order dated 19-11-2018, the CIR Process was initiated against the CD and Mr. Rajesh Parakh was appointed as Interim Resolution Professional (IRP). 3. It is averred that pursuant to the Order of this Authority dated 19-11-2018 the IRP had taken over the management of the CD and had issued the Newspaper Publication in two edition one in English and another in vernacular as per Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016, inviting the claims from the creditors. After verification of the claims received, the IRP constituted the Committee of Creditors (CoC). In the 1st CoC Meeting h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... director) the proposed Resolution applicant of the CD sent email to RP requesting to further extend the time period for submitting a resolution plan. 8. In 5th meeting of the COC held on 19-6-2019, the chairman shared the complete background giving trails of events as to how the directors of the company have been accommodated by the CoC to submit a resolution plan. Directors who were eligible and allowed to submit a Resolution Plan by 25-5-2019, were given an extension till 6-6-2019 for submission of resolution plan as requested. But no resolution plan has been submitted by the directors even after the extended period of time. Thus, Oriental Bank of Commerce, the key lender having 67% of the voting share declined to approve further extens ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nces recorded by Resolution Professional in CA/452/C-III/ND/2019 filed in CP/IB/251/ND/2018 and in exercise of powers conferred under sub-clauses (i), (ii) and (iii) of clause (a) of sub-section (1) of section 33 of the I&B Code, 2016, this Authority proceeds to pass Liquidation Order as follows:- "I. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Newgen Specialty Plastics Limited which shall be conducted in the manner as laid down in Chapter III of part II of the l&B Code, 2016. II. This Authority hereby appoints Mr. Anil Kumar as Company Liquidator who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation. III. The moratorium declared under section 14 of the L& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . IX. The Company Liquidator shall be entitled to charge such fees for the conduct of the liquidation proceedings and in such a proportion to the value of the liquidation estate assets as specified under Regulation 4(2) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. X. The Registry is directed to communicate this order with immediate effect to the concerned Registrar of Companies, RD, OL, Registered Office of the Corporate Debtor and Company Liquidator viz. Mr. Anil Kumar, for information and compliance." 6.In terms of the above, CA/452/C-III/ND/2019 filed in CP/IB/251/ND/2018 by the Resolution Professional under section 33(2) of the I&B Code, 2016, for initiation of the Liquidation Proceedin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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