TMI Blog2021 (6) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... olvency and Bankruptcy Code, 2016 and in accordance with the relevant Rules and Regulations - IA-1996/2021 in Company Petition No. (IB)-2011 (PB)2019 - - - Dated:- 24-5-2021 - B.S.V. Prakash Kumar, Actg. President and L.N. Gupta, Member (T) For the Appellant : Shyam Arora, RP ORDER L.N. Gupta, Member (T) 1. The present IA has been filed by Mr. Shyam Arora, the Resolution Professional of M/s. On Dot Courier and Cargo Limited. ('the Applicant ) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 seeking the following main reliefs: a) To order for the Liquidation of the Corporate Debtor as per Section 33(1) of the IBC, 2016 and in terms of the decision taken in the 4th COC Meeting of the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... satta (Hindi). The Copy of the Form G has been placed on record vide Additional Affidavit dated 19.05.2021. 5. It is further submitted that in spite of the publication of the Form G twice, the Applicant received no Expression of Interest. 6. It is averred by the Applicant that as the Corporate Debtor (CD) was in the business of retail Courier and Logistic Services, it was difficult for it to survive in the industry due to heavy competition from the big players and also due to rapid changes in the technology which required heavy capital expenditure. 7. It is submitted by the Applicant that the 4th meeting of the CoC held on 31.03.2021 took note of the fact that no resolution Applicant has come forward pursuant to publication of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... considered the following Resolution as Item No. 8: Item No. 8 To consider and approve the recommendations to be sent to Hon'ble NCLT for liquidation in absence of any plan for Resolution. 12. It is further submitted by the Applicant that the aforesaid agenda of Liquidation was approved by 87.82% voting share of the CoC. The members of COC at serial no. 1 2 voted in favour of the agenda: 13. That the Applicant through its Additional Affidavit dated 19.05.2021 has also brought on record the statements of M/s. Shakti Cargo Logistics and M/s. Vandana Motors, both members of the CoC who voted in favour of the Liquidation of the CD in the 4th meeting of the COC held on 31.03.2021. It is stated by them that they par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor in Form 2 as required under Section 34(1) of the IBC, 2016. 16. In the circumstances and there being no other alternative, this Bench is inclined to accept the relevant Resolution of the COC dated 31.03.2021 and order Liquidation of the Corporate Debtor. 17. In sequel to the above, the present IA is allowed, ordering Liquidation of the Corporate Debtor-M/s. On Dot Courier and Cargo Limited in the manner as laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant Rules and Regulations along with the following directions: a. Mr. Shyam Arora, having IBBI Registration No. IBBI registration Number (IBBI/IPA-002/IP-N00546/3017-18/11703), is appointed as Liquidator, who h ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
