TMI Blog2021 (6) TMI 257X X X X Extracts X X X X X X X X Extracts X X X X ..... OB/2019 - - - Dated:- 4-6-2021 - Hon ble Shri Ashok Kumar Borah, Member (Judicial) For the Applicant / RP : Shri Jasin Jose, FCA appeared in person ORDER 1. This is an Interlocutory Application filed by the Resolution Professional under Section 33(2) of IBC, 2016. 2. The application for Corporate Insolvency Resolution Process filed by South Indian Bank Ltd against M/s Atlas Gold Townships (India) Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016 was admitted by this Tribunal on 19th November 2019 and Shri Manivannan J, IBBI/IPA-002/IP-N00534/2017-18/11695 was appointed as the Interim Resolution Professional. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor, has passed the following orders: (a) Vide Order dated 30.07.2020 in IA/82/KOB/2020 in TIBA/19/KOB/2019 approved the appointment of Shri Jasin Jose as Resolution Professional of the Corporate Debtor. (b) Vide order dated 03.02.2021 in IA/143/KOB/2020 in TIBA/19/KOB/2019 appointed Shri K.T.Mathew as Authorised Representative of the Home Buyers. (c) Vide order dated 24.09.2020 in IA/144/KOB/2020 in TIBA/19/KOB/2019 excluded the stay period of 73 days and lock down period of 132 days from Corporate Insolvency Resolution Process and directed the RP to complete the CIR Process on or before 11.12.2020. (d) Vide order dated 19.01.2021 in IA/225/KOB/2020 in TIBA/19/KOB/2019 90 days more time was allowed f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Unsecured Financial Creditors Home Buyers 52 Nos ₹ 10.30 crores No cash payment. Settlement proposed is completion and handing over of Flats with additional contribution from the home buyers. 10. Consequently in the 10th CoC meeting held on 09.03.2021, the COC has passed a resolution to liquidate the Corporate Debtor, which reads as follows: The resolution plan submitted by M/s Celestial Garden Owners Association was placed to the COC since 7th COC meeting. Further to that 3 consecutive COC meeting was held for approval of the resolution plan. Each COC meeting deliberated on the resolution plan and the resolution applicant tried to revise and resubmit t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.04.2021 requesting the Bench to delete his prayer under Section 60(5)(c) of IBC 2016. He has also confirmed through the memo filed in this IA and also during the hearing on 31.05.2021 that he is not authorised by the CoC to file any application under Section 60(5) of IBC 2016. 15. The CoC in its 10th meeting held on 09.03.2021 has resolved with 96.09% voting to liquidate the Company as a going concern. 16. After hearing the learned Resolution Professional and also thoroughly perusing the whole case records including the Resolution passed by the CoC in the 10th meeting held on 09.03.2021, this Bench observed that the period of CIR Process of 270 days in this case has been completed on 11.03.2021 excluding the stay period of 73 days a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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