9911796707
TMI Blog2022 (7) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Insolvency and Bankruptcy Code, 2016. In this case, the petition for initiation of CIRP process filed by M/s Glister Hospitality Gurgaon Private Limited against the Corporate Debtor under Section 10 of the IBC, 2016 was admitted by this Tribunal by order dated 08.01.2020. Accordingly, Mr. Atul Mittal was appointed as IRP. The IRP made public announcement dated 10.01.2020 in prescribed Form A, In accordance with Regulation 6 of IBBI (CIRP) Regulations, 2016 (hereinafter referred to as Regulations) read with Section 13(1)(b) and 15 of the Code. Copy of publication (Annexure-B). 2. It is submitted that the IRP constituted the Committee of Creditors (CoC) with operational creditors as members on 25.01.2020 with 100% voting share. The Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer, as they were deployed in Red Zone Area for Covid related duty. Thereafter, applicant again issued notice on 11.08.2020 for convening the fourth meeting of Committee of Creditors and the same was held on 13.08.2020. The meeting was attended by eight members of the CoC out of twelve members having voting right at the CoC. That the members present had aggregate voting share of 36.72%. That no representative of Haryana Sales Tax attended the meeting. A copy of the minutes of the said meeting are enclosed as Annexure-I. 6. It is further contended that at the fourth CoC meeting, the Resolution Professional informed that pursuant to Invitation for EOI published in Form G on 28.02.2020, one EOI was received, but no resolution plan was sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... process of the Corporate Debtor, of the members casting their vote, representing 37.55% of the total voting shares. 8. The Resolution Professional tried his best to enable Haryana tax to cast their vote, by sending reminder mails on 20.08.2020 and 24.08.2020. The Resolution Professional received letter dated 26.08.2020 from the Tax department that their sanctioning authority are going to take time. Thereafter the RP providing all information requested by the Haryana Tax to facilitate the casting of the vote. The RP again sent reminder emails on 07.10.2020 and 08.10.2020 and had numerous telephonic conversations. However, no vote has been cast by the Haryana tax in favour or against the Liquidation resolution passed by the CoC. Haryana Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch the corporate debtor is registered. 11. A bare perusal of the provisions shows that there are three circumstances under which the liquidation order can be passed by the Adjudicating Authority:- i. before the expiry of the Insolvency Resolution Process period; ii. Maximum period permitted for completion of the Corporate Insolvency Resolution Process under Section 12 or the fast track Corporate Insolvency Resolution Process under Section 56 as the case may be; and iii. If does not receive a resolution plan under sub-section (6) of Section 30. 12. In the present case, the Resolution Professional has published the Form G inviting the Expression of Interest (EOI) on 28.02.2020. However, pursuant to above publications, one EOI was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016; ii. Since the Resolution Professional has given his consent to act as Liquidator, therefore, Mr. Atul Mittal bearing Registration No. IBBI/IPA-001/IP-P00439/2017-2018/10762, resident of 174, BALCO Apartments, Plot No. 58, IP Extension, Patparganj, Delhi-110092, Mobile No. 9871830777, e-mail: [email protected] is hereby appointed as liquidator; iii. 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 Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; iv. The Provision of Section 33 (5), (6) and (7) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in Section 33(5) of the Code read with its proviso. x. That all the powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator; xi. That the personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 of the Code shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process with the substitution of references ..... X X X X Extracts X X X X X X X X Extracts X X X X
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