9911796707
TMI Blog2019 (9) TMI 1580X X X X Extracts X X X X X X X X Extracts X X X X ..... raman, Resolution Professional has filed an Affidavit along with IA dated 20.08.2019 by inter alia stating as follows: (1) Initially, the Adjudicating Authority has admitted the C.P. (IB) No.72/BB/2019 vide order dated 14.06.2019 by initiating CIRP in respect of the Corporate Debtor herein and appointed Shri Gorur Narasimhamurthy Venkataraman (Applicant herein), bearing Regn. No. IBBI/IPA-003/IP-N00075/2017-18/10585 as the IRP, imposed moratorium etc. Subsequently during the First meeting of the CoC, the IRP Shri Gorur N. Venkataraman was appointed as Resolution Professional with 100% voting share to continue the CIRP. (2) It is stated that after assuming the responsibility of RP, the accounts for the year 2016-17, 2017-18 and 2018-19 are finalized with the available records of the Corporate Debtor. The RP also appointed Auditors to audit the accounts and finalized the audit report for 3 years ending 31.03.2017, 31.03.2018, 31.03.2019. (3) As required by I&B Code, RP also got the latest financials as on the date of Insolvency Commencement date i.e. 14.06.2019, and also submitted the report with a Review Report by the auditor, which reads as under: (a) Considering the books ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stating that the position of Corporate Debtor such as not having any office; not having any manufacturing unit; no activity at present and also for past one and half years; and no books of Accounts for almost 3 years since 01.04.2016. 5. As per the information furnished by the audited accounts of last 2 Financial Years i.e. 2016-17 and 2017-18 as per which during 2016-17 Profit and Loss Account indicated loss of Rs. 1,78,09,00/7- and as of 31.03.2018, this loss has increased to Rs. 4,21,75,87/7- and as of 31.03.2019, the loss has increased to Rs. 16,26,29,429/-. Further, as desired by IBC the latest financial figures as on the date of submission of financial report/as on the date of insolvency i.e. 14.06.2019 the loss is Rs. 20,41,32,055/-. In view of continuous 3 years' losses and the Corporate Debtor not having any infrastructure like any office, factory premises, or any other facilities at his command, RP has come to a conclusion and placed it before the Committee of Creditors, this Information Memorandum informing that there is no possibility of considering this as an on- going concern and hand it over to any other Resolution Applicant to continue by issuing this Information M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same was not agreed by the Karnataka Bank Ltd." 7. In light of the decision taken at the 1St meeting of the CoC dated 13.08.2019, I.A No.408 of 2019 is filed by Resolution Professional for intimation of the decision taken by the CoC for liquidation of Corporate Debtor as per Section 33(2) of the Code. 8. As detailed supra, the Resolution Professional and the CoC of the Corporate Debtor have made best efforts to find a suitable Resolution Plan of the Corporate Debtor. However, no suitable Resolution Plan is submitted, so as to consider the same by the CoC. Therefore, there is no alternative for the CoC except to seek to order to liquidate the Corporate Debtor as per the provisions of the Code. The Resolution to initiate liquidation was also approved by the CoC with a majority of 100% votes and the instant Application is filed strictly in accordance with law. The CoC has also decided to continue the existing RP appointed in the First CoC meeting dated 13.08.2019, to act as a Liquidator for liquidating the corporate Debtor, who is eligible to be appointed as such. He has also filed his willingness to act as Liquidator of the Corporate Debtor i.e. M/s.Bunt Solar India Pvt. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BI/IPA-003/IP-NO0075/2017-18/10585, the Resolution Professional appointed for CIRP is appointed as Liquidator for the purpose of liquidation pursuant to Section 34(1) of Insolvency & Bankruptcy Code, 2016. (3) The provisions of IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 shall apply. (4) The Liquidator is directed to issue a Public announcement stating that the Corporate Debtor is in liquidation one in English language and one in Vernacular language in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; (5) The order of moratorium 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 (6) That all the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the Liquidator; (7) That the Personnel of Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
