TMI Blog2021 (7) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... of stakeholders reasonably arrived at. Where revival/rehabilitation is demonstrated as not being feasible, winding up should be resorted to. Where circumstances justify, the process should allow for easy conversion of proceedings from one procedure to another. This will provide opportunity to businesses in liquidation to turnaround wherever possible. Similarly, conversion to liquidation might be appropriate even after a rehabilitation plan has been approved if such a plan was procured by fraud or the plan can no longer be implemented. Even though the time sought by the Applicants have already expired, taking into account the fact that the applicants have filed this application on 09.04.2021, exercising the discretionary power of this Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m to take necessary steps as contemplated under the relevant provisions of the Act and Regulations of IBBI after the relaxation of nationwide Lockdown declared by the Government. The IRP published the public notice on 24.10.2020 in two dailies under Sections 13 15 of IBC 2016. Thereafter, on the request made by the IRP, this Tribunal extended the period for completion of CIRP up to 30.11.2020. On 01.12.2020 the IRP filed an Application before this Tribunal and the said application IA/205/KOB/2020 was allowed on 11.01.2021 putting the Corporate Debtor M/s. Goodwin Packpet Private Limited under liquidation. Thereafter this Tribunal appointed Mr. Balakrishnan Baburajan as Liquidator of the Corporate Debtor. 3. The Applicants herein stated t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Cheerambath Manikutty Rajeevan and Mr. Puthuppully Pavithran Satheesh, members of the suspended board of directors of the Company had visited his office and orally informed that the promoters of Goodwin Packpet Private Limited proposes to submit a plan to re-structure the Company under Section 230 of the Companies Act, 2013 vide their letter dated 26th February, 2021. As per Regulation 2B of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, compromise or arrangement proposed under Section 230 of the Companies Act, 2013 should be completed within 90 days from the date of commencement of liquidation. Hence, compromise or arrangement proposed under Section 230 of the Companies Act, 2013 should have been co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not being feasible, winding up should be resorted to. Where circumstances justify, the process should allow for easy conversion of proceedings from one procedure to another. This will provide opportunity to businesses in liquidation to turnaround wherever possible. Similarly, conversion to liquidation might be appropriate even after a rehabilitation plan has been approved if such a plan was procured by fraud or the plan can no longer be implemented. 8. We have also gone through the decision of the Hon'ble NCLAT in the matter S.C. Sekaran vs. Amit Gupta and Ors., (Company Appeal (AT) (Insolvency) No. 495 and 496 of 2018). In this case, the Hon'ble Tribunal directed the liquidator appointed under the IBC, to take steps in terms ..... X X X X Extracts X X X X X X X X Extracts X X X X
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