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TMI Blog2021 (11) TMI 906X X X X Extracts X X X X X X X X Extracts X X X X ..... Palm Lagoon Backwater Resorts Private Limited For the Applicant : Shri. Vijay V. Paul, Advocate ORDER Per : Ashok Kumar Borah, Member (J) This IA has been filed under Section 33(3) and 33(4) of the Insolvency and Bankruptcy Code 2016 [hereinafter referred to as I&B Code 2016] by Shri R. Velu, Erstwhile Resolution Professional appointed by this Tribunal in TIBA/09/KOB/2019 in the matter of Palm Lagoon Backwater Resorts Private Limited seeking the following reliefs: - i. Pass an order of Liquidation of the Corporate Debtor in terms of Section 33(3) and 33(4) of the Insolvency and Bankruptcy Code, 2016 and other applicable provisions of law in this regard, as per the directions of the NCLAT vide its Order dated 21.09.2021; ii. Appoint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited. 3. After approval of Resolution Plan by this Tribunal, a Monitoring Committee was constituted with the Applicant/Resolution Professional as the Chairman. The stakeholders submitted the name of the representatives on 17.09.2020. The Monitoring Committee consist of 3 members, the Financial Creditor, Resolution Applicant and the Insolvency Resolution Professional [Chairman of the Committee]. On 18.09.2020 the Resolution Applicant confirmed Rs.50,000/-as the fee of the Chairman for a period of 15 days. On 18.09.2020 the Resolution Applicant requested the Chairman to share the details of Bank Account to deposit the plan value amount, time line for payment of instalments and modalities of collecting property documents. 4. On 23.09.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... video conference, and after detailed discussions and deliberations the Monitoring Committee resolved as under: - a). In view of non-payment of plan value, there is default in complying with the approved Resolution Plan. Financial Creditor said that as per the provisions of RFRP performance guarantee of 25,00,000/- (Twenty-Five Lakhs Only) to be forfeited. Financial Creditor also pointed out that the RA has never indicated that they were not inclined to implement the plan since the same was approved. Even in the first meeting of the Monitoring Committee held on 26.09.2020 they requested for 30-45 days' time for payment. The Resolution Applicant requested not to forfeit the RFRP performance guarantee as withdrawal of Resolution Plan was req ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Impugned order dated 10.02.2021 passed by the Adjudicating Authority in MA/186/KOB/2020 in TIBA/09/KOB/2019; ii. Order Liquidation of the Corporate Debtor in terms of Section 33(3) & 33(4) of the Code and to appoint the Appellant to act as Liquidator of the Corporate Debtor per the resolution passed in 11th COC Meeting held on 19.08.2020; iii. Direct the Resolution Applicant/Respondent to pay the Appellant an amount of Rs. 10,00,000/- towards his remuneration including that for the extended period as Chairman of Monitoring Committee; iv. Pass such other and further reliefs that this Hon'ble Tribunal may deem fit in the facts and circumstances of the case. 9. The aforesaid appeal was to allowed by the Hon'ble NCLAT vide order dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de to the extent as mentioned above" 10. Hence, the Applicant has filed this application under Section 33(3) and 33(4) seeking the aforesaid reliefs. FINDINGS 11. We have heard learned counsel for the Applicant/ Erstwhile Resolution Professional through video conferencing and have gone through the materials placed on record. 12. When the matter taken up for hearing the learned counsel for the Applicant argued that this application has been filed as directed by the Hon'ble NCLAT in its order dated 21.09.2021 in Company Appeal (AT) (CH) (INS) No. 38 of 2021 wherein the appeal filed by the Applicant against the order of this Tribunal was allowed and this Tribunal was directed to pass appropriate orders for Liquidation of the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ator, if an order for liquidation is passed under Section 33, for the balance period of liquidation. As per Regulation 4 of IBBI (Liquidation Process) Regulations, 2016 the fee payable to Liquidator shall be in accordance with the decision taken by the COC under Regulation 39D of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Further Mr. R. Velu, Resolution Professional, shall act as Liquidator. "RESOLVED THAT, a sum of Rs. 2,00,000/- plus applicable GST plus actual expenses, is being fixed as remuneration for the Liquidator, from the date of the NCLT Order for liquidation." 14. In view of the above, this Tribunal allow the IA(IBC)/159/KOB/2021 as under: - a) The Corporate Debtor M/s. Palm Lagoon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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