TMI Blog2021 (6) TMI 598X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Company, instead of approving the Resolution Plan submitted by the Promoter-Directors. As to the approval of the Plan is concerned, as long as the procedure is complied with, the CoC can take commercial decision in the interest of the Creditors which this Bench cannot turn down on hearing the submissions of the Promoter-Directors unless it is hit by procedural compliance laid under the IBC. This application is allowed by ordering liquidation of the corporate debtor. - C. A. 1394/2020 in Company Petition No. (IB)-1644 (PB)/2018 - - - Dated:- 13-5-2021 - B.S.V. Prakash Kumar, Actg. President And Hemant Kumar Sarangi, Member (T) For Appearing Parties : Kamal Tyagi, Sr. Executive, Ashok Juneja, Adv. and Party-in-Person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. On hearing the submissions of each side, it is evident, that the Financial Creditors in the CoC are Punjab National Bank with 80% of voting share and Canara Bank with 15% voting share. It appears that the Corporate Debtor is owed to pay ₹ 246.93 Crores to these Claimants. Out of which, the Promoter-Directors have come forward with a Plan valuing ₹ 12.75 Crores to pay within 22 months, however, considering all the materials available before the CoC, it has in its wisdom taken a decision to proceed for liquidation of the Company, instead of approving the Resolution Plan submitted by the Promoter-Directors. 5. As to the approval of the Plan is concerned, as long as the procedure is complied with, the CoC can take commerci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cussion and negotiations with the three Resolution applicants. 10. Thereafter, in the 5th CoC meeting held on 03.02.2020. The CoC decided after all the discussions and deliberations to file a liquidation application before this Bench, accordingly resolutions were passed by the CoC with 100% vote share. i. Resolved that company be liquidated as per section 33 of the IB Code and CoC approves for the Liquidation of the Company U/s. 33(2) of the IB Code as the Resolution Plan does not merit the expectations of the CoC in terms of offer and time period of payment offered in the resolution plan. ii. Further, Resolved That CMA Sandeep Kr. Bhatt working as RP is hereby proposed to be appointed as Liquidator of the company as he has cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; d. This order shall be deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; e. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant rules and regulations. f. The Liquidator shall follow up and continue to investigate the financial affairs of the Corporate Debtor in accordance with provisions of Section 35(1) of the Code. g. The liquidator shall also follow up th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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