TMI Blog2020 (2) TMI 1504X X X X Extracts X X X X X X X X Extracts X X X X ..... getting prospective resolution applicant who turned up or it is fair and just to pass an order of liquidation. The CoC consists of only one financial creditor, who is the applicant-State Bank of India. It opted not to get an order of extension and it further submits that the CoC has decided to replace the existing RP by Mr. Sanjay Kumar Agrawal, whose written consent has been given for continuing as the liquidator and that the RP Mr. Balasubramanium Govindarajan showed his unwillingness to continue due to health reasons. Accordingly, Mr. Sanjay Kumar Agrawal is to be appointed as the liquidator and since no resolution plan is forthcoming within the period of CIRP which expired on February 4, 2020, we have no other alternative but to pass an order of liquidation under section 33(1)(a) of the Code. Application allowed. - C. P. (IB) No. 1111/KB/2018 And C. A. (IB) No. 1633/KB/2019 - - - Dated:- 20-2-2020 - K. R. Jinan (Judicial Member) And Harish Chander Suri (Technical Member) For the Resolution Professional : Ms. Vidhi Agarwal and B. Govinda Rajan For the Corporate Debtor : Joy Saha , Senior Advocate, Debasish Chakrabarti and Ms. Trisha Saha for the financial credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the judgment in the case of Jignesh Shah v. Union of India [2019] 217 Comp Cas 139 (SC) passed by the hon'ble Supreme Court of India and thereby prayed for recalling the order of admission and restore the order or stay all further proceedings till the disposal of this application. 4. This application was strongly opposed on the side of the resolution professional. Learned senior counsel appearing for the corporate debtor submits that the objection regarding the committing of error apparent on the face of the records by the Adjudicating Authority in passing the order of admission in the C. P., is absolutely wrong and that this Adjudicating Authority has no power to recall or re-appreciate the facts and law, which has already been appreciated by this Bench and accordingly, the application is liable to be dismissed. He relied upon paragraphs 19 and 20 in the order of admission dated August 19, 2020. Paragraphs 19 and 20 read as under : 19. We are taken to annexure 2C, page Nos. 835 and 842 of the balance-sheet by learned senior counsel for the financial creditor. Page No. 842 relates to disclosures-secretarial audit report. In the balance-sheet, under the head long-term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the corporate debtor and, therefore, the said ground taken by the corporate debtor is found unsustainable under section 18 of the Limitation Act, 1963. 5. We have heard learned counsel appearing for the applicant/corporate debtor as well as learned senior counsel appearing on behalf of the resolution professional at length. Learned counsel appearing for corporate debtor submits that the claim preferred by the financial creditor being hopelessly barred by limitation, this Adjudicating Authority should have dismissed the application and since the default according to the financial creditor occurs on August 30, 2011 and filing of this application on August 10, 2018 a lapse of seven years could not have been entertained by this Adjudicating Authority. She also reiterated the very same contentions taken in the reply affidavit as well as the supplementary affidavit. By filing supplementary affidavit, the corporate debtor has raised the issue of question on limitation and by considering the objections raised on the side of the corporate debtor, we raised two points for the determination in the case in hand before admission. Those points are as under : (i) Whether the applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the Code to provide an information, details regarding assets of the corporate debtor. The corporate debtor did not furnish the adequate materials/information, so as to enable the RP to continue the corporate debtor as a going concern. He has narrated in the report about the inventory of information which was supplied to the directors of the corporate debtor for response. Around 46 and odd, information which he called for in writing has not been submitted to the RP. On the other hand, for and on behalf of the directors of the corporate debtor, serious objection has been raised even against the conduct of the RP in completing the process and recommending to pass an order of liquidation. However, we have not been given any satisfactory explanation as to non-submission of the information, documents related to the assets and the affairs of the corporate debtor. 8. The submission on the side of learned senior counsel appearing for the RP that despite his significant efforts, no prospective resolution applicant is forthcoming. Learned senior counsel also submits that the transaction auditors also could not complete the audited report for want of information and details required fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BI Registration No. IBBI/IPA-001/IP-P00062/2017-2018/10140 is appointed as the liquidator and act in accordance with regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and submit the preliminary report as per section 13 of the said Code. (ii) The registry is directed to communicate this order to the Registrar of Companies, West Bengal and to the Insolvency and Bankruptcy Board of India. (iii) The order of moratorium passed under section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. (iv) This order shall be deemed to be a notice of discharge of the officers, employees and the workmen of the corporate debtor as per section 33(7) of the Insolvency and Bankruptcy Code, 2016. (v) A copy of this order be sent to the financial creditor, corporate debtor and the liquidator for taking necessary steps. 11. C. P. (IB) No. 1111/KB/2018 is disposed of as above. 12. C. A. (IB) No. 1633/KB/2019 is dismissed with cost of ₹ 1,00,000 payable to the corporate debtor. The applicant in C. A. (IB) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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