TMI Blog2019 (7) TMI 1839X X X X Extracts X X X X X X X X Extracts X X X X ..... ill now been furnished by the RP, the liquidator appointed is directed to proceed with the application in the right earnest. From the records, it is seer that at the time of rejection of the resolution plan on 14.2.2019 by 100% votes cast against the resolution authority has also been given to the RP to do all acts, deeds as necessary to give effect to the rejection of the resolution plan. Since the resolution plan has been rejected by the COC based on the commercial considerations and no further resolution plan has been received on or before the expiry of the CIRP period, taking into consideration the provisions of Section 33 of IBC,2016, this Tribunal orders for the liquidation of the CD. Application allowed. - CA. 185, 208, 292, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 15.3.2019. It is also brought to the notice of this Tribunal that the CIR? which was to end on 21.2.2019 was extended by a further period of 30 days based on the resolution Of the COC and on an application filed by the Resolution Professional in CA No.133/C- III/ND/2019 and the same was also allowed by this Tribunal vide order dated 25.2.2019. In the circumstances, the CIRP after the extension granted ended on 24.3.2019. Initially, at the time of admission one Mr.Manoj Kunwar was appointed as the IRP and subsequently vide CA No.359/C-III/ND/2018 on an application moved by the members of the COC, one Mr. Munish Kumar Sharma was appointed as the Resolution Professional who had chosen to file this application before this Tribunal upon comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plan pursuant to the invitation of the EOI by the RP and whose resolution plan also stood rejected, as already brought forth in the earlier portion of this order while narrating the facts. 5. However, two applications have been filed by Operational Creditors aggrieved by the action of IRP/RP in rejecting the claim. The applications are CA No 208/C/III/ND/2019 and CA No.338/C/III/ND/2019. Perusal these applications shows that while CA No.208/C/III/ND/2018 has been flied by one Jindal Biochem Pvt. Ltd. stating that a sum of ₹ 24,80,217/- is due to the said applicant payable from February, 2018 as arrears of rental for the portion of the property given to the CD under lease which stood executed on 24.10.2012, in relation to CA No.338 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ging to the notice of this Tribunal about the fraudulent transfers which have been effected by the erstwhile management of the CD namely, respondents in the said application. Fraudulent and wrongful transactions, it is represented in the application is based on the special audit carried out by the Auditors under the aegis of COC and In nutshell by way of tabulation it has been brought forth as to what has been sold by the CD or its erstwhile management without the concurrence of the financial creditors namely, Oriental Bank of Commerce which has granted working capital facilities based on hypothecation of properties and the tabulation as provided for ready reference is reproduced below: 7. It is further brought to the notice of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of the resolution plan on 14.2.2019 by 100% votes cast against the resolution authority has also been given to the RP to do all acts, deeds as necessary to give effect to the rejection of the resolution plan. Since the resolution plan has been rejected by the COC based on the commercial considerations and no further resolution plan has been received on or before the expiry of the CIRP period, taking into consideration the provisions of Section 33 of IBC,2016, this Tribunal orders for the liquidation of the CD and save the application in CA No.292/C/III/ND/2019 in which we have directed the Liquidator to proceed with, all other applications stand disposed of with the directions contained as above. 9. Ld. Counsel for the RP upon a query ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1961 the Liquidator shall give necessary intimation to the Income Tax Department In relation to other fiscal and regulatory authorities which governs the Corporate Debtor, the Liquidator Shall also duly intimate about the order of liquidation f. 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, g. The liquidator is directed to proceed With the process of liquidation in a manner laid down in chapter II of Part Il of the Insolvency and Bankruptcy Code, 2016 h. The liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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