TMI Blog2022 (9) TMI 910X X X X Extracts X X X X X X X X Extracts X X X X ..... the CoC rejected to reissue Form G again as no EOI had been received till date, the Corporate Debtor is not carrying any business and huge losses also. Hence, CoC decided to liquidate the Corporate Debtor. In the same meeting, the resolution for filing of liquidation application and confirming the Resolution Professional as Liquidator was approved by the CoC with 100% voting and as such the liquidation application was filed before the Adjudicating Authority on 01.11.2021. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 1493 of 2019 - - - Dated:- 19-9-2022 - [ Justice Anant Bijay Singh ] Member ( Judicial ) And [ Ms. Shreesha Merla ] Member ( Technical ) For the Appellant : Appearance not marked For the Respondent : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Patna High Court bearing Writ Petition bearing No. 3171/2002 for payment of their wages and salary and after hearing the parties along with analogous cases was pleased to direct the corporation to pay the lawful dues of the petitioners in all the six writ petitions within a period of 4 months. If the corporation is unable to make pay the admitted dues within the aforesaid period and if it is unable to make itself viable, the State Government and the authorities of the corporation must complete all formalities and initiate winding up proceeding in accordance with law within the period of 4 months. iii) Further case is that by special resolution of the company duly passed in accordance with Section 189 of the companies Act, 1956 at a g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le a fresh company petition in accordance with form No. 47 under Rule 95 of the Company Court Rules, 1959. vi) The Respondent earlier moved company petition bearing No. 22/2004 and the same was taken by the Hon'ble Patna High Court on 19.10.2006 and after hearing the respective parties the Hon'ble Court was pleased to dismiss the company petition and directed to act under section Inter State Corporation Act, 1957 and also under Section 65 of Bihar Reorganization Act, 2000. Thereafter, the State of Bihar preferred company appeal against the aforesaid order and all the appeals bearing 5 of 2007, 6 of 2006, 7 of 2006 and 8 of 2006 were taken up by the Hon'ble Division Bench on 18.01.2008 and after hearing, the Hon'ble Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its commercial activities are closed and there is practically no business being conducted by this corporation. Accordingly, the winding a petition is being filed bearing Company Petition No. 720/2017. Thereafter, the appellants herein filed an objection petition before the NCLT, Kolkata Bench stating that there is no requisite resolution as required under Section 10(3)(C) of the IBC which is a breach of mandatory provision and hence the petition filed under Section 10 of the IBC is liable to be dismissed. After hearing the parties, the Adjudicating Authority allowed the Application filed under Section 10 of the IBC by the Respondent herein. Hence this Appeal. 3. The Ld. Counselfor the Appellant during the course of argument and in his Mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority while passing the impugned order failed to consider the facts that the State of Bihar in view of the undertaking given before the Hon'ble Supreme Court of India in the matter of Bihar State Ardh Sarkari Karamchari Maha Sangh Ors. Vs. State of Bihar [Special Leave Petition (C) No. 16159 of 2017] had agreed for taking over all the liabilities of all the non-functional corporation and public sector undertaking and is ready to adjust the claims of the employees. As such the application is premature and is liable to be dismissed.Based on these submissions the impugned order is fit to be set aside and the Appeal be allowed. 7. The Ld. Counsel for the Respondent during the course of arguments and in his reply along with written su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , CoC decided to liquidate the Corporate Debtor. FINDINGS 10. After hearing the parties and having gone through the pleadings made on behalf of the parties as also facts of the case, we are of the considered view that as the Corporate Debtor is not carrying any business and has huge losses also, therefore, the Adjudicating Authority has rightly passed the impugned order in admitting the Application filed by Bihar State Construction Corporation Limited- the Corporate Person under Section 10 of the IBC. Also keeping in view of the facts that the seventh meeting held on 30.10.2021, the CoC rejected to reissue Form G again as no EOI had been received till date, the Corporate Debtor is not carrying any business and huge losses als ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
