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TMI Blog2022 (2) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... 25.11.2019 admitted the petition, and initiated Corporate Insolvency Resolution Process of M/s. Nesa India Producer Company Limited and also appointed the present Applicant, Mr. Sudhanshu Gupta as the Interim Resolution Professional (IRP) subjected to stipulated conditions. ii. That after appointment the IRP had performed the following duties: a. Publication of Form A: As per Regulation 6 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 the Applicant/IRP had made public announcement in Form A of the schedule, which was published in two newspapers, one English namely Financial Express and one Hindi namely Jansatta dated 10th January, 2020 (not later than 3 days after receiving the certified copy of the order). b. Intimation of his appointment: The IRP had intimated the Corporate Debtor and its directors about his appointment via email dated 8th January, 2020 and solicited their cooperation in the matter. Intimation of IRP appointment was also given via speed post on 9th January, 2020 at the registered office of the Corporate Debtor and also at the addresses of the directors suspended board of the Corporate Debtor. c. Visiting the registered of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which are enclosed below: S. NO DATE PARTICULARS 1. 08.01.2020 Intimation of appointment of IRP pursuant to order dated 25.11.2019 and to provide the information/documents as listed in the mail. 2. 14.01.2020 Produce all the requisite documents and information in his office on 15th January 3. 16.01.2020 Reminder Mail 4. 21.01.2020 Reminder Mail 5. 05.02.2020 Application by Interim Resolution Professional under Section 19(2) and 19(3) of the Insolvency and Bankruptcy Code, 2016 6. 03.03.2020 Notice for Hearing listed on 18/03/2020 for application filed u/s. 19(2) & (3) of IBC, 2016. 7. 21.09.2020 Application for seeking Urgent Hearing of C.A. No. 1093/C-V/ND/2020 filed in petition No. IB-2863 (ND) 2019 titled "Sunil Kumar vs. Nesa India Producer Company Limited" 8. 7.01.2021 Serving of NCLT Order dated 17.12.2020 passed in the matter of application filed under Section 19(2) & (3) of IB Code, 2016. h. After obtaining the mobile number of the Operational Creditor the applicant/IRP contacted him for depositing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undersigned had filed an application under Section 19(2) and 19(3) of the IB Code, 2016, for issuing necessary directions to the directors of Suspended Board of Corporate Debtor and Operational Creditor. But neither the directors of the suspended Board of the Corporate Debtor nor the Operational Creditor was present on the hearings dated 12.02.2020, 28.02.2020, 18.03.2020, 17.12.2020 and 15.01.2021 so far. x. The IRP had received Letter No. ROC/COMP/2020/9563 dated 19.05.2020 from Registrar of Companies, NCT Delhi and Haryana and Ministry of Corporate Affairs, Government of India on 10.06.2020 in the matter of complaint made by Sh. Rampal Singh Grade, Advocate against the corporate debtor. The IRP/Applicant had filed a reply to the above letter vide reply letter dated 18.06.2020 to the Registrar of Companies, NCT Delhi & Haryana, and Ministry of Corporate Affairs, Government of India. xi. Neither the Operational Creditor has filed his claim nor any other claim been received by the IRP/Applicant. The applicant/IRP is not able to contact the Suspended Directors of the Corporate Debtor. The mobile number which is available with the applicant is either switched off or remains unans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o conduct corporate insolvency resolution process. (1) Subject to section 27, the resolution professional shall conduct the entire corporate insolvency resolution process and manage the operations of the corporate debtor during the corporate insolvency resolution process period: Provided that the resolution professional shall continue to manage the operations of the corporate debtor after the expiry of the corporate insolvency resolution process period, until an order approving the resolution plan under sub-section (1) of section 31 or appointing a liquidator under section 34 is passed by the Adjudicating Authority.] (2) The resolution professional shall exercise powers and perform duties as are vested or conferred on the interim resolution professional under this Chapter, (3) In case of any appointment of a resolution professional under sub-sections (4) of section 22, the interim resolution professional shall provide all the information, documents and records pertaining to the corporate debtor in his possession and knowledge to the resolution professional. 8. A bare perusal of the provision shows that the Resolution Professional is authorised to conduct the entire Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). 2 [Explanation. - For the purpose of this sub-section, it is hereby declared that the committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub-section (1) of section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum.] (3) Where the resolution plan approved by the Adjudicating Authority 3 [under section 31 or under sub-section (1) of section 54L,] is contravened by the concerned corporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected by such contravention, may make an application to the Adjudicating Authority for a liquidation order as referred to in sub-clauses (i), (ii), (iii) of clause (b) sub-section (1). (4) Oh receipt of an application under sub-section (3), if the Adjudicating Authority determines that the corporate debtor has contravened the provisions of the resolution plan, it shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he order of liquidation under Section 33 of the IBC. 13. Here in the case in hand, admittedly, there is no resolution plan as there was no claimant and the CoC was not constituted till the date of filing the application. Under such circumstances, in our considered view, in terms of Section 33 sub-Section 1, the Adjudicating Authority is empowered to pass the liquidation order after the completion of the maximum period. Since, 330 days has already been completed and no resolution plan is received even the CoC is not constituted, therefore, instead of termination in the CIRP on the request of the applicant, we think it proper to pass an order under Section 33 of sub-Section 1 of the IBC to pass the liquidation order. 14. Accordingly, by exercising our power under Section 33 sub-Section (1)(a) pass the following order:- i. The Corporate debtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016. ii. The liquidator is directed to take custody and control of the assets, property of the Corporate Debtor with immediate effect and made a public announcement clearly stating that the Corporate Debtor is under Liquidation in terms of Regu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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