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TMI Blog2021 (7) TMI 560X X X X Extracts X X X X X X X X Extracts X X X X ..... ptcy Code with such prayer, to pass an order for the liquidation of the Corporate Debtor Company i.e. V.A.M. Resorts and Hotels Pvt. Ltd. 2. The Adjudicating Authority vide its order dated 24.10.2019 based on a petition filed by the Financial creditor under Section 7 of the Code in CP(IB) No. 353/ALD/2018, initiated the CIRP in respect of Corporate Debtor Company and appointed Mr. Ashish Singh as IRP and subsequently was confirmed as RP in the First CoC meeting held on 12.12.2019. 3. It is contended on behalf of the applicant that on 12.12.2019, the first meeting of CoC was held, whereby the progress of the CIRP proceedings was discussed and it was resolved in the said meeting that since despite of various reminders and e-mails sent by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Abhijit Khonde to extent the last date of receiving the EOI. 5. Further, in the 4th meeting of the CoC dated 27.02.2020, one of the agenda, which was discussed was about the process for the withdrawal of application pursuant to the settlement request received from suspended directors by the CoC. On inquiry by the CoC, one of the ex director, Mr. Vijay pal Yadav gave the assurance to pay the settled amount by 5th of March, 2020 and it was resolved that if the settled amount is not paid by the Suspended Management of the Corporate Debtor and withdrawal process is not initiated within 15 days from the date of meeting, then the CIRP would continue. Further, it is submitted that the settlement between the Respondent and the CoC has failed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on/undertaking from the prospective resolution applicants along with an amount of Rs. 5 lakh as EMD from both the prospective resolution applicants as per Regulation 36A of the Code. 10. Thereafter, one of the prospective resolution applicants requested for extension of time period for submitting the resolution plan on account of lockdown imposed by the Government. The said request was accepted by the CoC vide its email dated 10.08.2020 granting extension of time to the prospective resolution applicants for submitting the resolution plan and on 17.10.2020 again the said prospective resolution applicant requested for extension of 10 more days for submitting their resolution plan but despite granting extension to the prospective resolution a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r as laid down in the manner." 13. Therefore, the Tribunal observes that upon failure of the resolution process and no approved resolution plan and further on completion of statutory CIRP process, there is no alternative left but to order in conformity with the decision of the CoC liquidation has to follow under Section 33 of the Code. Adherence of the statutory requirement has to be done as the language of the Code is clear that the adjudicating authority must give effect to it whatever may be consequences. 14. Further, even CoC in its 8th meeting on 04.11.2020 has with 100 % majority has passed the resolution to liquidate the Corporate Debtor as no resolution plan was received for revival of the company and further RP has complied with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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