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TMI Blog2021 (6) TMI 787X X X X Extracts X X X X X X X X Extracts X X X X ..... rivate Limited (hereinafter called as the "Corporate Debtor"). Summary of Reliefs and Extension sought by IA 2749 of 2019: a. Pass appropriate directions thereby effecting liquidation of the assets of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016; and/or b. Pass necessary direction to the applicant thereby relieving and discharging him from all functions and duties as RP, provided under the code. c. Pass necessary directions, as may be deemed fit by this Hon'ble Tribunal to the applicant until the order of liquidation is passed by this Hon'ble Tribunal. d. The RP may kindly be appointed as the Liquidator in respect of the assets of the Corporate Debtor, e. Pass appropriate directions to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rawn from this CIRP and that they would not be interested in submitting resolution plans. Main reasons for their withdrawal are as under. i. The RAs are not in a position to estimate this cost because certain risks are future risks and they are completely unknown. ii. Directors of the corporate debtor (CD) have not maintained books of accounts at all and there are no audited balance sheets. Future litigations are unknown. iii. Only partially constructed building is owned by the CD. Land doesn't belong to the CD. No resolution plan can be submitted for just the building. iv. Litigations created by the secured financial creditors who are the applicants of MA 3304. This being a serious development, RP was duty-bound to convey the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per the provisions of the Code." 6. Further Resolution Professional submitted that Unpaid CIRP cost from January 21, 2019 till date is Rs. 60 Lakh which includes the fees of IRP as well RP along with other professionals, security, public announcements, valuer fees, COC meeting expenses, legal cost, and dewatering and maintenance work carried out at the premises of the corporate debtor. 7. As discussed above though initially some of the prospective Resolution Applicants shown interest, however, the same could not fructify and no formal Resolution Plan is in the hands of CoC to decide on the same. 8. In view of the foregoing submissions, the Liquidation of the CD is by virtue of natural consequence of operation of law as the COC could not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f this Order shall be forwarded to the Concerned Authority with which the Corporate Debtor is Registered. 12. This order for liquidation shall be deemed to be a notice of discharge to the officers, employees and workmen of the corporate debtor, except when the business of the corporate debtor is continued during the liquidation process by the liquidator. 13. The fees payable to the Liquidator shall be in accordance with Regulation 4 of the IBBI (Liquidation Process) Regulations, 2016. 14. The Liquidator shall submit progress reports as per Regulation 15 of the IBBI (Liquidation Process) Regulations, 2016. 15. The Liquidator is at liberty to seek any directions, if need be, from this Adjudicating Authority during the Liquidation Process. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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