TMI Blog2021 (4) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... the Code - liquidator appointed - Liquidator shall endeavour to sell the Company as a going concern during the liquidation in terms of Regulation 32A of the Regulations - moratorium ceased to have effect. - MA 227 of 2018 & MA 350 of 2018 in CP (IB) 1058/MB/2017 - - - Dated:- 8-4-2021 - Hon ble Janab Mohammed Ajmal, Member Judicial Hon ble Shri V. Nallasenapathy, Member Technical For the Applicant : Mr Arif Doctor with Ms Ishita Advani, Advocates i/b Desai Diwanji Mr Alok K Saksena (Resolution Professional) in MA 227 of 2018. Mr Chirag Mody and Mr Munaf Virjee with Mr Akash Agarwal i/b ABH Law LLP in MA 350 of 2018. ORDER Per : V. Nallasenapathy, Member ( Technical ) 1. The Application in MA No. 227 of 2018 is filed by the Resolution Professional of the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (the Code) seeking orders for liquidation of the Corporate Debtor. 2. The Application in MA No. 350 of 2018 is filed by the Employees of the Corporate Debtor praying for the following reliefs: a. That this Hon ble Bench be pleased to allow the Applicants to intervene and be heard in the captioned matter and in Miscell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h. That pending the hearing and final disposal of this application, this Hon ble Bench be pleased to direct the Resolution Professional / Liquidator and the Committee of Creditors not to act on the notice of discharge dated 14th MRCH 2018 issued to all presently serving officers / employees / workers / workmen of the Corporate Debtor i.e. Unity Infraprojects Limited; i. That pending the hearing and final disposal of this application, this Hon ble Bench be pleased to direct the Resolution Professional / Liquidator and the Committee of Creditors to carry on the business and continue the operations of the Corporate Debtor i.e. Unity Infraprojects Limited as a going concern. j. That pending the hearing and final disposal of this application, this Hon ble Bench be pleased to order and direct that until the conclusion of the sale of the business of the Corporate Debtor i.e. Unity Infraprojects Limited as a going concern, the Resolution Professional / Liquidator be ordered and directed to carry on the business and continue the operations of the Corporate Debtor i.e. Unity Infraprojects Limited as a going concern; k. That pending the hearing and final disposal of this ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Third Resolution Plan. 8. Further, in 9th CoC meeting held on 08.03.2018, the CoC approved with 90.91% of voting share the fees payable to the RP on his appointment as liquidator of Corporate Debtor. 9. This Tribunal on 19.12.2018 passed an order in MA No. 227 of 2018, making following observations and directions: 15. In the present case, the RP received fourth resolution plan from the resolution applicant on 27.02.2018 to which he refused to consider vide his e-mail dated 05.03.2018 stating that it is unsolicited and all timelines given for submission have expired and that there is very insignificant increase in the amount now offered vis a vis the plan of 20th February 2018 . It is noted that the last date of the extended Moratorium was 16.03.2018 and the resolution plan was submitted on 27.02.2018, i.e. more than 15 days before stipulated date for end of the Moratorium. It is clear from the e-mail of the RP dated 05.03.2018 that the said resolution plan was rejected by the RP himself and was not put before the COC for its consideration. 16. Further, the ninth and the last COC meeting was conducted on 08.03.2018, which is eight days before the last ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplications were heard together for orders. The other prayers in this Application except the one for going concern sale, could not be considered, they being inconsistent with the provisions of the Code. 13. The Applicant Employees in MA No. 350 of 2018 further submitted that the Corporate Debtor may be sold as a going concern during the liquidation process. This Bench accordingly during the hearing on 14.10.2020 advised the Applicants to try to bring in some investor(s) for the Corporate Debtor and granted liberty to the Applicants to mention the matter in case some investor(s) was interested in the Company. However, nothing materialised in that regard. 14. Further, on 02.02.2021 pronouncement of orders in MA No. 227 of 2018 MA No. 350 of 2018 was deferred upon request of a prospective Resolution Applicant viz. Mantena Constructions Pvt Ltd, who had filed IA No. 94 of 2021 expressing its interest in putting up a Resolution Plan and requesting certain details from the RP in furtherance thereof. Orders were passed in IA No. 94 of 2021 permitting the Applicant therein to access the details. The RP was also directed to provide the required information. However, on 23.03.2021 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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