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TMI Blog2021 (8) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 60 of the I & B Code, 2016, by inter seeking to order for liquidation of the Corporate Debtor in terms of Section 33(1) (b) of the I & B Code, 2016. 2. Brief facts of the case, as mentioned in the Application, which are relevant to the issue in question, are as follows: (1) The main Company Petition bearing C.P.(IB) No. 198/BB/2020 filed by M/s. Vinay Bangalore Srinivas Murthy U/s. 7 of the IBC, 2016, R/w Rule 4 of the I & B(AAA) Rules, 2016, was admitted by the Adjudicating Authority, vide order dated 23rd September 2020, by initiating CIRP in respect of Corporate Debtor, appointing IRP, imposing moratorium etc. The order was received by the IRP on 8th December 2020 upon admission of an application filed by the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, no investor has come forth despite best efforts and the same was also discussed in the 3rd and in 5th meeting of COC along with members and promoter. (3) The COC in its first meeting held on 7th January 2021 resolved to appointed the IRP as Resolution Professional as per Section 22(2) of the Code. Further, in their 5th, 6th and 7th meeting held on 5th May 2021, 13th May 2021 and 24th May 2021 deliberated in detail on various options available before the CoC to decide the way forward for the CIRP of the Corporate Debtor. In the 5th meeting of the COC, it was resolved by requisite majority of the COC that the CIRP timelines shall not be extended by making the requisite application before the Adjudicating Authority and proposed resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor which are narrate as under: 1) An advertisement inviting expression of Interest in accordance with the provisions of Section 25(2) (h) of the Code r/w Regulation 36A of the IBBI (Insolvency Resolution Process for Corporate Persons), Regulations was published on 18th February 2021 and the last date for the submission of the EOI was 5th March 2021. No interest was received by the RP till the last date specified in the EOI. However, the statutory auditors of the Corporate Debtor approached the RP with a potential interest by an investor for which he required an additional two to three weeks to provide any substantial details. As the timeline stipulated for EOI was lapsed, at the 3rd meeting of the COC held on 17th March 2021, it was del ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e promoter that during liquidation, they would consider any option for faster pay back of the inter-company loan due form Work streets Technology Private Limited, a company in which the promoter holds majority shareholding. The COC members have concluded and resolved unanimously that, as a priority, approval be sought for liquidation from the Adjudicating Authority as they deem realisation and recovery of their debts is of paramount importance given that the corporate Debtor cannot be revived. 4) It is apparent that the RP and the CoC made multiple efforts to revive the Corporate Debtor. However, no viable resolution plan has been received till date as discussed in detail at the 7th meeting of the CoC. Accordingly, in terms of the mandate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3/2018-19/12054 as a Liquidator for liquidating the Corporate Debtor, who has filed a written consent dated 1st June, 2021 to act as Liquidator of the Corporate Debtor i.e., M/s. Antal Infotech Private Limited by inter-alia declaring that he is currently serving as an Liquidator in three proceedings and there are no disciplinary proceedings against him with the Board or ICAI Institute of Insolvency Professionals etc. Hence, he is provisionally eligible to be appointed as Liquidator. Therefore, it is a fit case to initiate Liquidation in respect of Corporate Debtor. 5. In view of the facts and circumstances of the case, the Adjudicating Authority, by exercising powers conferred under Section 33(2) of the IBC, 2016, dispose of I.A. No. 153 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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