TMI Blog2021 (9) TMI 115X X X X Extracts X X X X X X X X Extracts X X X X ..... ss an order for liquidation of the Company in the manner laid down in Chapter III of the Code. The Corporate Debtor is ordered to be liquidated - application allowed. - IA No. 1986 of 2020 in C.P. (IB) No. 4738/MB/2018 - - - Dated:- 5-8-2021 - Bhaskara Pantula Mohan, Actg. President And Narender Kumar Bhola, Member (T) For the Appellant : Rohit Gupta and Rubina Khan, Advocates i/b Fortis India Law ORDER Bhaskara Pantula Mohan, Actg. President 1. This is an application filed by the Resolution Professional Mr. Santanu T. Ray under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (the Code) for initiating Liquidation Process against the Neo Corp International Limited (Corporate Debtor). 2. The facts leading ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution Plan was 23.03.2020. In the same meeting CoC resolved to file an Application for extension of CIRP Period by 90 days. Accordingly, the Applicant filed an Application in MA No. 743 of 2020 which was allowed by this Tribunal vide order dated 03.03.2020 by extending the CIRP period ends on 16.06.2020. f. The Applicant submitted that in furtherance of the reissue of Form G, he received only one EOI from PRA i.e. Prudent ARC Limited. Further in view of the fact of outbreak of Covid-19 and nationwide lockdown and upon the request of the PRA, the last date of submission of Resolution Plan was extended till 31.05.2020. g. Further the Applicant submitted that the PRA failed to submit the Resolution Plan and he proposed to the CoC to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Read with Regulation 39C of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. RESOLVED THAT Mr. Santanu T. Ray, Resolution Professional of Neo Corp International Limited is recommended to be appointed as the Liquidator of the Corporate Debtor i.e. Neo Corp International Limited. FURTHER RESOLVED THAT the fees of the Liquidator will be as per Regulation 4(2) of IBBI Regulation (Liquidation Process), 2016 with a discount of 34% as per on the fee structure prescribed in the said Regulation. FURTHER RESOLVED THAT pursuant to Regulation 39B Insolvency and Bankruptcy Board of India (Insolvency) Resolution Process for Corporate Persons) Regulations, 2016 and other r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. (2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors 1 [approved by not less than sixty-six per cent of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (J). (3) Where the resolution p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Regulation 39C of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 reads as below: 39C. Assessment of sale as a going concern. (1) While approving a resolution plan under section 30 or deciding to liquidate the corporate debtor under section 33, the committee may recommend that the liquidator may first explore sale of the corporate debtor as a going concern under clause (e) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 or sale of the business of the corporate debtor as a going concern under clause (j) thereof if an order for liquidation is passed under section 33. (2) Where the committee recommends ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 017-18/11055 is appointed as Liquidator. He shall be entitled to fees as may be specified in the Resolution passed by the CoC. b) The Liquidator shall endeavour to sale the Company as a going concern during the liquidation in terms of Regulation 32A of the Liquidation Process Regulations. In case he is not able to do so within a period of 90 days from this date, he shall proceed in accordance with clauses (a) to (d) of Regulation 32 of the Liquidation Process Regulations. c) The Liquidator shall issue public announcement stating that the Corporate Debtor is in liquidation. d) The Moratorium declared under section 14 of the Code shall cease to operate here from. e) Subject to Section 52 of the Code no suit or other legal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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