9911796707
TMI Blog2021 (10) TMI 1037X X X X Extracts X X X X X X X X Extracts X X X X ..... K Milk Fresh India Ltd. and also for the appointment of the Liquidator thereof. 2. This Bench vide its order dated 24.09.2019, admitted the application for initiation of CIRP filed by the Operational Creditor under Section 9 of IBC, 2016 and appointed Mr. Swami Deen Gupta as the Interim Resolution Professional. 3. Pursuant to the order, the IRP made a public announcement in accordance with Section 15 of the Code in Form A on 01.10.2019 in which the last date for submissions of proof of claim was specified as 12.10.2019. Further the CoC in the first meeting dated 24.10.2019 appraised the members of CoC that the necessary information pertaining to the corporate debtor is not available to him as the ex-directors were not cooperating. 4. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the applicant brought before the CoC that the eligible provisional list of Prospective Resolution Applicants (for brevity 'PRAs') was made and the Request for Resolution Plan (for brevity 'RFRP') along with a valuation matrix was also issued on 14.07.2020 and the final list of eligible PRAs with 5 applicant was issued on 21.07.2020 and the Resolution Plan from the PRAs were awaited to be received till the last date of the same. The detailed discussions were held on the process and remaining timeline for considering and evaluating the Resolution Plans to be received. 8. Further based on the valuation report, the average fair value of land and building, plant and machinery and securities or financial assets is Rs. 96.87 crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore CoC for approval through voting u/s. 33 (2) of the code, to which the representative of SBI and other CoC members indicated that the voting on this agenda is not required. COC further stated that in accordance with Section 33(1)(a) of the Code, if the Hon'ble NCLT does not receive a resolution plan under Sec 30(6), before the expiry of the CIRP period, it shall pass an order for liquidation of the corporate debtor, if no plan is approved by the CoC before the end and resultantly, no plan is received by the Hon'ble NCLT before the end of CIRP and CIRP period expires. The RP is at liberty to file an application under Sec 33(1)(a) of the IB Code, intimating the Hon'ble NCLT that no IBC compliant plan has been approved by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... announcement stating that the Corporate Debtor is in Liquidation in term of Regulation 12 of IBBI (Liquidation Process) Regulations, 2016. (b) The Liquidator to proceed with the process of Liquidation in the manner laid down in Chapter-III of Part-II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant rules and regulations. (c) This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016. (d) The Liquidator to submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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