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TMI Blog2022 (6) TMI 719X X X X Extracts X X X X X X X X Extracts X X X X ..... Adv. Mr. Aritra Basu, Adv. Mr. Souvik Sana, Adv. For the State Trading Corporation : Mr. Shiv Shankar Banerjee, Adv. Of India Ltd. Mr. Arik Banerjee, Adv. Ms. Arijita Ghosh, Adv. ORDER Per : Harish Chander Suri, Member (Technical) 1. This Tribunal convened via hybrid mode. IA(IBC)/470(KB)2022 2. This is an application filed by the Resolution Professional of M/s. P K S Ltd., the Corporate Debtor, on the ground that no Expression of Interest has been received by him, in spite of publication of Form 'G', for liquidation of the Corporate Debtor. 3. This Adjudicating authority vide order Annexed at pages 26 to 32 of the application dated 08/08/2019 in CP(IB)/980(KB)2018 had ordered initiation of CIRP against the Corporate Debtor appo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g Authority had directed the CoC to replace Mr. Kanakabha Roy with a new Insolvency Professional. Accordingly, CoC had unanimously approved the appointment of Mr. Shashi Agarwal as RP (ex-RP 2). Vide order dated 18/09/2020 passed in IA(IBC) No.823(KB)2020, this Adjudicating Authority had approved appointment of Mr. Shashi Agarwal as RP replacing Mr. Kanakabha Roy, RP. 6. At the 16th CoC meeting held on 26/08/2021, CoC unanimously agreed to replace Mr. Shashi Agarwal, RP with Mr. Jai Narayan Gupta as RP. Vide order Annexed at pages 33 to 39 of the application dated 16/02/2022 passed in IA(IB)/781(KB)2022 Mr. Subodh Kumar Agrawal, an Insolvency Professional was appointed as Resolution Professional, instead of Mr. Jai Narayan Gupta as recomme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 48 to 49 of the application held on 18/05/2022 had recommended liquidation of the Corporate Debtor with 100% voting shares. 11. The Resolution Professional has not consented to act as a Liquidator of the Corporate Debtor. 12. Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order of liquidation where no resolution plan is received before the expiry of the CIRP. Sub-section (2) thereof requires the Adjudicating Authority to pass the liquidation order where the Resolution Professional intimates to the Adjudicating Authority the decision of the Committee of Creditors approved by not less than 66% of the voting share to liquidate the Corporate Debtor. 13. Reading these two provisions together, this Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liquidator. g. The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. h. On initiation of the liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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