TMI Blog2021 (10) TMI 767X X X X Extracts X X X X X X X X Extracts X X X X ..... the CoC could not meet to decide liquidation and only after unlock in June 2021, the lenders in their meeting held on 16.06.2021 decided and passed resolution and approached Adjudicating Authority for order of liquidation. Because no resolution plan was forthcoming, as per the provisions of IBC, 2016 it is to seek the liquidation as provided under the provisions of section 33 of IBC, 2016 of which the relevant sub-section 1 of section 33. Taking into consideration the provisions of law as well as the facts on record, the liquidation of the corporate debtor is ordered and in the circumstances the corporate debtor stands liquidated and the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as the RP. The 5th meeting of the CoC was held on 25.01.2021 wherein, RP submits that due to Covid-19 pandemic, the CIRP of the corporate debtor delayed and hence the publication of prescribed Form-G was made in Dainik Hindustan in Hindi and Mint in English on 30.01.2021, inviting expression of interest from the prospective resolution applicants. However, no EOI was received. 5. In the 6th meeting of the CoC held on 05.02.2021, CoC re-issued the prescribed Form-G on 12.02.2021 inviting expression of interest from the prospective resolution applicants. However, till the last date of the receipt of the expression of interest, only one expression of interest was received from Kundan Care Products Limited. The proposed resolution applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, the extension of 90 days was granted by this bench and 270 days of CIRP expired on 07.02.2021. Further, 330 days of CIRP was availed and same expired on 08.04.2021. The an application filed by the RP seeking appropriate order/direction to complete CIRP of the Corporate Debtor within period of 330 days. The bench vide order dated 26.04.2021 observed that IRP/RP has a duty to complete the process of CIRP within 330 days for which no directions or orders are required. Hence, the application was dismissed with the cost of ₹ 5,000/- to RP for filing such frivolous application. The only option left with CoC to resolve for liquidation of corporate debtor. It was submitted while hearing of this application, by RP that due to second wave o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itiation of liquidation process of the corporate debtor. The relevant Resolution passed in the meeting are reproduced herein: RESOLVED THAT in pursuant to Section 33(2) of IBC 2016 and the Rules made thereunder, the consent of members of the COC be and is hereby accorded to approve the filing of application with Hon'ble NCLT, New Delhi Bench, seeking initiation of the liquidation of Corporate Debtor and the existing Resolution Professional, subject to submission of his consent to act as liquidator, as the liquidator of the Corporate Debtor. RESOLVED FURTHER THAT in pursuant to Regulation 4(2) of IBBI (Liquidation Process) Regulations, 2016, the liquidator shall be entitled to a monthly fee of ₹ 1,25,000/- (Rs. One Lakh Twenty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te debtor is in liquidation, in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; c. The Registry is directed to communicate this order to the Registrar of Companies, NCT of Delhi Haryana and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly in relation to other fiscal and regulatory authorities which governs the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation e. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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