TMI Blog2022 (2) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... (IB) - 138/ND/2020 - - - Dated:- 4-1-2022 - Bachu Venkat Balaram Das, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Abhishek Naik, Advocate ORDER Narender Kumar Bhola, Member (T) 1. This relates to IA- 3796/2021 filed in CP (IB) -138/ND/2020 filed by Dr. Vichitra Narayan Pathak (hereinafter referred to as 'Resolution Professional') under Section 33(2) read with 60(5) of the Insolvency and Bankruptcy Code, 2016. The prayer made in the Application is to pass an order of liquidation pertaining to the Corporate Debtor (CD) viz., Narmada Cereals Pvt. Ltd. 2. Originally the captioned petition was admitted by this Adjudicating Authority vide Order dated 07.12.2020, the Corporate Insolvency Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode, 2016, therefore, the information memorandum, evaluation matrix and the request for resolution plan (RFRP) was shared with the PRAs and last date for submission of resolution plan was 24.04.2021. 5. It is averred that submission for resolution plan date was further extended by the CoC to 10.05.2021 on the account of lockdown imposed by the government in its 5th CoC meeting dated 22.04.2021. It is stated that 4 resolution plans were received by the applicant before the stipulated date. In the 7th CoC dated 25.05.2021, wherein all the resolution applicants (RAs) were invited for discussions and advised them to substantially increase their resolution plan value. This adjudicating authority vide order dated 10.06.2021 granted further of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant within two weeks. The Resolution Professional is directed to file an additional affidavit with respect to the developments and the decision of the CoC regarding consideration of the fresh plan submitted by the Suspended Board of Directors in the matter. 7. In compliance of order dated 06.09.2021, the applicant filed an additional affidavit and relevant extract of the affidavit is as follows: 3. In accordance with the directions given under order dated 06.09.2021 of this Hon'ble Tribunal, the Deponent called for 11th CoC meeting on 17.09.2021 wherein the resolution plan submitted by the RA was placed before CoC members for consideration. The meeting was attended by the sole CoC member, Punjab National Bank and Mr. Arun Mitt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on plan. 7. That on 20.09.2021, the COC meeting continued and COC considered the composite resolution plan for a resolution amount of ₹ 37 Crores for acquiring the Corporate Debtor as a going concern as well as for release of third-party collaterals and personal guarantees was put for voting by the COC member. Accordingly, before concluding with the COC meeting, the Deponent put up the necessary resolutions for approval/rejection of the COC on all the four resolutions plans received and considered by COC i.e., i) consortium of Arun Mittal Abhinav Mittal; ii) consortium of Maharana Pratap; iii) Fortune Rice; iv) Sandeep Garg, for e-voting and voting window was opened from 23.09.2021 to 26.09.2021 which was further extended to 30 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 52 of the Insolvency Bankruptcy Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. IV. This Authority makes it clear that Para (IV) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. V. This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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