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TMI Blog2020 (10) TMI 1283X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 1262/MB/MAH/2017) under Section 7 of the Code initiating Corporate Insolvency Resolution Process (CIRP) of the Company and appointed the present Applicant as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC) and its 1st meeting was conducted on 10.01.2018. The CoC in its 1st meeting appointed the IRP as the Resolution Professional (RP) of the Corporate Debtor Company. The CoC in its 3rd meeting on 21.02.2018 approved the Expression of Interest ("EOI") including the Evaluation Matrix for inviting prospective resolution applicants. In response to the public announcement, four Prospective Resolution Applicants (PRAs) submitted their EOIs. The Applicant had received 2 bidding offers from PRAs, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Resolution Applicant. 4. The CoC in its 12th meeting dated 23.01.2020 voted in favour of liquidation of the Company by a vote of 89.19% and resolved to seek liquidation of the Corporate Debtor. Subsequently in a Joint Lender Meeting (JLM) held on 18.02.2020, the majority of the lenders approved the appointment of Mr. Avil Menezes the RP as the Liquidator of the Corporate Debtor. 5. The directors of the Corporate Debtor have not filed any counter to the Application. We have heard the Applicant in the matter. 6. The Hon'ble Apex Court in K. Sashidhar v. Indian Overseas Bank and Ors: (2019) 148 LA 497 (SC) inter alia held that, "The Adjudicating Authority (NCLT) is not expected to do anything more; but is obligated to initiate li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nst the Corporate Debtor. This shall however not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. f) All powers of the Board of Directors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. g) The Liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code, read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. h) Personnel connected with the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as would be required for managing its a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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