2021 (7) TMI 497

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..... the Appellant : Sunil Shanker, Advocate For the Respondents : Jasin Jose, RP and Jagriti Sanghi, Advocate ORDER 1. This Application has been filed under Section 33(3) of the I & B Code, 2016 by the South Indian Bank [hereinafter referred to as "Financial Creditor"] to order liquidation of M/s. Churakulam Tea Estate [hereinafter referred to as the Corporate Debtor"]and to appoint the Resolution .....

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..... ed under the Resolution Plan. The Applicant Bank submits that the Resolution Applicant has contravened the provisions of the Resolution Plan approved by this Tribunal. 3. It is also stated that the 1st meeting of the Monitoring Committee held on 01.02.2021 determined that the Resolution Applicant had failed to infuse funds as provided in the Resolution Plan. Moreover, it also proves the Resolutio .....

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..... rds placed before this Tribunal. It appears from the record that failure of the Resolution Applicant to infuse funds as proposed in the time line has contravened the provisions of the Resolution Plan approved by this Tribunal. 6. In this respect, it is relevant to reproduce Section 33(3) & (4) of the Insolvency and Bankruptcy Code, 2016 which is as under: "3) Where the resolution plan approved .....

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..... s agreed, any person other than the Corporate Debtor can apply for Liquidation of the Corporate Debtor. In this Application, the Financial Creditor South Indian Bank who has 89.12% of secured debt of the Corporate Debtor has by filing this Application prayed before this Tribunal to liquidate the Corporate Debtor. Moreover, to uphold the notion with which I&B Code, 2016 was enacted is to protect of .....

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..... (i) M/s. Churakulam Tea Estate Private Limited is hereby put under liquidation with immediate effect under Section 33(1) of I & B Code, 2016. (ii) Shri. Jasin Jose, (former Resolution Professional) with IBBI/IPA-001/IP-P00695/2017-2018/11225, is appointed as the Liquidator of the Corporate Debtor subject to submission of written consent under Section 34(1) of the I&B Code, 2016 in the prescrib .....

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