TMI Blog2019 (12) TMI 1578X X X X Extracts X X X X X X X X Extracts X X X X ..... ed u/s. 33(2) of the Code as amended on 16.08.2019 since the CoC has already passed resolution for liquidation of the Corporate Debtor with 73.44% voting share on 18.10.2019, the liquidation order is passed. Application allowed. - MA/1189/2019 IN IBA/434/2019 - - - Dated:- 17-12-2019 - B. S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) AND S. VIJAYARAGHAVAN, MEMBER (TECHNICAL) For the Applicant : Mr. R. Venkatavaradan Mr. chandramoulj Prabhakar, Advocates Mrs. Deepa V. Ramani, Resolution Professional For the Financial Creditor: Mr. T. Sai Krishnan Mr. R. Saravanan, Advocates (For M/s. Muthoot Fincorp Ltd.) ORDER Per: B. S.V. PRAKASH KUMAR, MEMBER (JUDICIAL) It is an application filed by the Resolution Profession ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e it has become another impediment in determining the valuation of the company. 5. The Applicant (RP) further stated that she has conducted 2nd, 3rd, 4th and 5 th CoC meetings Viz. 19.08.2019, 05.09.2019, 30.09.2019 andl8.1O.2019. The Resolution Professional has further stated that in the 2 nd CoC meeting held on 19.08.2019, the Resolution Professional has appointed two valuers for valuation of the assets of the company but whereas since requisite information has not come from the Suspended-Directors that valuation has also not come out. The Resolution Professional then prepared draft of invitation for Expression of Interest mentioning that valuation of the company would subject to the information that is yet to come from the Suspended ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would come, but no money has come till date. Since everybody was under the belief that it would be settled, CIRP has not gone in the way it is to go. 9. Since all of us were under the belief that money would come, MA/363/2019 seeking adjudication on the Title over some part of the land as well as MAs filed by the Suspended-Directors for putting valuation, forensic audit and invitation for Expression of Interest on hold have not been taken to their logical end. 10. In the meantime, the CIRP period of 180 days is over on 04.10.2019. For the Suspended-Directors were still saying that funds would come, the CoC at the fag end of 180 days period has passed a resolution for extension of CIRP period for another 15 days in addition to 180 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .) shall exit from the Committee of Creditors. The suspended director has further stated that the aforesaid sum will be paid by raising funds through DCB Bank and/or Phoenix ARC and/or Kotak Mahindra Bank and/or Financial Institutions and friends relatives with an undertaking that upon failure to pay the aforesaid amount within sixty days i.e. with effect from 23.07.2019, the Financial Creditor M/s. Muthoot Fincorp Ltd.) may proceed in accordance with the procedure under insolvency and Bankruptcy Code, 2016 (IBC). The suspended director has also mentioned that this undertaking has been given to Muthoot Fincorp Ltd. (Financial Creditor) without prejudice to the rights and contentions of the suspended director. Looking at the affidavi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation of the company, the same being permitted and explicitly stated u/s. 33(2) of the Code as amended on 16.08.2019 since the CoC has already passed resolution for liquidation of the Corporate Debtor with 73.44% voting share on 18.10.2019, we hereby order for liquidation of the company with the directions as follows: a) This Bench hereby orders the Corporate Debtor to be liquidated in the manner as laid down in the Chapter by issuing a public notice stating that the Corporate Debtor is in liquidation with a direction to the liquidator to send this order to ROC with which this company has been registered. b) The Resolution professional viz Mrs. Deepa Venkat Ramani, hereby appointed to act as Liquidator for the purpose of liquidatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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