TMI Blog2021 (5) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... inst each other. However, this Adjudicating Authority does not want to go into the merits of the conduct and the lapses, if any, on the part of the Resolution Professional. Since the Financial Creditors together holding 96.55% voting rights of the Corporate Debtor, has raised serious allegations against the conduct in which the CIRP against RP, it cannot be buried under the carpet. Hence, the Registry shall forward this order along with the copy of the application filed in IA/650/IB/2020 to IBBI, to verify if there are any lapses on the part of the RP in process of the CIRP - Since there are allegations by the majority of the CoC members against this particular Applicant/Resolution Professional, this RP is not appointed as a Liquidator o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 018, this Adjudicating Authority ordered for Corporate Insolvency Resolution Process ( CIRP ) of the Corporate Debtor and the Applicant herein was appointed as the IRP. Subsequently in the first CoC meeting dated 14.11.2018, the IRP was appointed as Resolution Professional. Since then, the Applicant herein has been operating as RP of the Corporate Debtor. The CIRP period was ended on 17.01.2021. 3. The Counsel for the Applicant submits that CoC meetings were held and Expression of Interest i.e., Form G inviting resolution plan was published on 02.01.2019. The Expression of Interest ought to be submitted on or before 27.02.2019. However, no Resolution Applicant approached the RP or the CoC within the prescribed period of time. Thereafter, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the notice of this Adjudicating Authority that the e-voting facility of the 10th CoC meeting on 07.08.2020 was not conducted in the appropriate manner. There has been tremendous lapses on the part of the Applicant/RP. 9. IA/364/IB/2020 is filed by the Applicant/RP, seeking for a direction to the Financial Creditors/CoCs to release the pending CIRP costs of ₹ 65,66,871/- to the Applicant and this is the subject matter of IA/364/IB/2020. 10. Apparently on reading all the pleadings and submissions made by the respective Learned Counsels, it is very clear that, CoC members and the Resolution Professional were at loggerheads. There was no co-operation or co-ordination between them. Both parties are throwing so much of allegations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gulations, 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 Corporate Debtor particularly, in relation to preferential transactions/undervalued transactions and such other similar transactions including fraudulent preferences and file suitable application before this Adjudicating Authority. d) The Registry is directed to communicate this order to the Registrar of Companies, Chennai and to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent to the Financial Creditors, Corporate Debtor and the Liquidator for taking necessary steps and for extending the necessary co-operation in relation to the Liquidation process of the Corporate Debtor, viz., company-in-liquidation. 14. Accordingly, IA/649/IB/2020 is hereby allowed with the aforesaid terms. 15. In respective, IA/649/IB/2020, the RP along with the order of liquidation has also sought for a prayer seeking directions to the Financial Creditors to release the CIRP costs. However, this prayer under Section 33(1) is not maintainable. However, the relief sought for seeking a direction to the CoC members to pay the CIRP costs is the subject matter of the IA/364/IB/2020. 16. On verification of the files, it is clear that ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
