TMI Blog2022 (3) TMI 455X X X X Extracts X X X X X X X X Extracts X X X X ..... of CIRP has since been ended without any approved resolution plan, the payer for liquidation of the corporate debtor under Section 33 of the Code is hereby allowed. It is ordered that liquidation of the corporate debtor, namely M/s. R.K. Silk Mills Pvt. Ltd. shall be commenced in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 - Application allowed. - I.A. 3442/ND/2020 in Company Petition No. (IB) - 1416(ND)/2018 - - - Dated:- 21-2-2022 - Dr. Deepti Mukesh, Member (J) And Sumita Purkayastha, Member (T) ORDER Sumita Purkayastha, Member (T) 1. This is an application filed by the Resolution Professional under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (herein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xpression of interest ( EOI ) for inviting expression of interest from prospective Resolution Applicants was issued by the applicant. However, since no one had taken any interest in submitting the expression of interest, the RP called and conducted third meeting of committee of creditors on 12.06.2020 through video conferencing with an agenda to consider and take decision regarding extension of time line of corporate insolvency resolution process or to go into liquidation as per section 33 of the IBBI code, 2016 . 6. That in the said meeting, the RP apprised the members of committee of creditors that Corporate Insolvency Resolution Process of the corporate debtor was commenced on 19.11.2019 which must be completed till 18.05.2020. howev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on and therefore there is still time left for submission of the resolution plan and it would be seven days from the date of lifting of lockdown, being the difference of days between 25.03.2020 and 02.04.2020. 8. The operational creditors to this, replied that they are willing to submit resolution plan if condonation of delay is granted by CoC for seeking for expression of interest and after assessing the eligibility criteria, if given a chance to them to submit the resolution plan. On the request of operation creditors and appraising the situation, the member of committee of creditors, who were present at the meeting with 75% voting rights, decided to give chance to the operational creditors and resolution professional to access eligibil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Section 33(1) of the Code. Adherence to statutory requirement has to be in toto. When the language of the Code is clear and explicit the Adjudicating Authority must give effect to it whatever may be the consequences and in present case the consequence is liquidation of Corporate Debtor. 12. In the factual background, since there is no resolution plan, period of CIRP has since been ended without any approved resolution plan, the payer for liquidation of the corporate debtor under Section 33 of the Code is hereby allowed. 13. Resultantly, the present application IA No. 3442/2020 stands allowed and hereby it is ordered that liquidation of the corporate debtor, namely M/s. R.K. Silk Mills Pvt. Ltd. shall be commenced in the manner laid ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
