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TMI Blog2021 (10) TMI 1035X X X X Extracts X X X X X X X X Extracts X X X X ..... ing an order of Liquidation in the matter of Addinath Rubbers Private Limited. 2. CP(IB) No. 42/Chd/HP/2019 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by "M/s. Jai Ganesh Trading Co." to initiate Corporate Insolvency Resolution Process (in short CIRP) against Addinath Rubbers Private Limited was admitted on 23.10.2019 and Mr. Vigyan Prakash Arora was appointed as Interim Resolution Professional (IRP). Subsequently, in the 1st meeting of CoC held on 23.10.2019, it was resolved to appoint the IRP as Resolution Professional (RP) by 100% voting share. Copy of the minutes of first meeting of CoC is attached as Annexures A-3 of the application. 3. The facts of the case, briefly stated, are that public announcement was mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the Applicant is not eligible to submit the resolution plan. 4. In the 5th meeting of the CoC held on 07.03.2020, Andhra Bank holding 100% voting share, did not extend the time of CIRP and decided to pass resolution to liquidate the Corporate Debtor in the best interest of all the stakeholders. Copy of minutes of 5th CoC meeting is attached as Annexure A-6 of the application. 5. The Hon'ble NCLAT, in Praveen Kumar Nand Kumar Vs. VSL Securities Pvt. Ltd. in CA No. 1/2020 in CA No. 308/2000, dated 09.06.2020, observed as under:- "Likewise, the decision of the COC recommending liquidation of the corporate debtor after proper evaluation of the assets and liabilities of corporate debtor with no Resolution Plan forthcoming would be a b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1)." 8. Prescribed period for filing application - In the present case, the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was admitted on 25.09.2019 and the period of 180 days were completed on 23.03.2020, but the present application is filed by the Resolution Professional on 02.11.2020. It is pertinent to mention that in the 5th meeting of CoC which was held on 07.03.2020, the resolution with respect to liquidation of corporate was passed with 100% voting share. Though, more than 15 days are available to file the application under Section 33(2) but the same was filed after the expiry of the prescribed period. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidator. In this regard a letter bearing File No. 25/02/2021-NCLT dated 01.07.2021 has been received from the National Company Law Tribunal, New Delhi forwarding therewith a copy of letter No. IP-12011/1/2020-IBBI/1007/1962 dated 30.06.2021 along with the guidelines and the panel of resolution professionals approved for NCLT, Chandigarh Bench for appointment as IRP or Liquidator. The panel is valid from 01.07.2021 to 31.12.2021. We select Mr. Sawinder Singh Chug appearing at Serial No. 6 bearing registration No. IBBI/IPA-003/IP-N000133/2017-2018/11459 Email: [email protected] of the panel to be appointed as Liquidator. 11. Regulation 39B, 39C and 39D in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. In view of the satisfaction of the conditions provided under Section 33(1) of the Code, the corporate debtor Addinath Rubbers Private Limited is directed to be liquidated in the manner as laid down in Chapter III of the Code. Some of the directions are noted as under:- (i) That as per Section 33(5) of the Code and subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted against the corporate debtor; Provided that a suit or other legal proceedings may be instituted by the liquidator on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority; (ii) That the provisions of sub-section (5) of Section 33 of the Code shall not apply to legal proceedings in relation to such tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he liquidation commencement date. (vii) That the announcement shall be published in accordance with Regulation 12(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016. (viii) That in accordance with Regulation 13 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, the 'Liquidator' shall file his preliminary report within 75 days and to file regular progress reports as per Regulation 15 every fortnightly thereafter. 17. Thus, IA No. 819/2020 stands disposed of. 18. Copy of this order be supplied to the counsel for the Liquidator as well as to the Registrar of Companies, Himachal Pradesh forthwith. The Registry is also directed to send a copy of this order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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