TMI Blog2022 (9) TMI 1342X X X X Extracts X X X X X X X X Extracts X X X X ..... hat more than 397 days has been elapsed without any Resolution application and therefore this Tribunal by virtue of powers conferred under section 33(1)(b)(i), orders Liquidation. Application allowed. - I. A. 528 OF 2022 IN CP (IB) – 1088/IBC/MB/2020 - - - Dated:- 21-9-2022 - Hon ble Shri H. V. Subba Rao , Member ( Judicial ) And Hon ble Smt. Anuradha Sanjay Bhatia , Member ( Technical ) For the Applicant : Mr. Nishit Dhruva a/w Ms. Aalisha Sharma i/b MDP Partners , Advocates for the Resolution Professional ORDER 1. The above application I.A. No. 528/2022 is filed by Resolution Professional, Mr. Anshul Gupta (hereinafter referred to as the Applicant ) seeking liquidation of Topsgrup Services and Solutions Limited ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .03.2021. C. On 05.04.2021, the 1st meeting of the Committee of Creditors (hereinafter referred to as the CoC ) was convened wherein inter alia the IRP informed the COC that his certificate of Authorisation of Assignment had expired on 04.03.2021 which could not be renewed as he had reached the maximum age of 70 years. Thus, the COC members would provide a name of Resolution Professional to carry on the duties of CIRP and IRP would continue to perform all the functions till the appointment of the Resolution Professional. D. On 07.05.2021, the 2nd COC meeting was convened wherein Resolution was passed for appointment of registered valuers accordingly Resolution Professional has appointed valuer as required under Regulation 27 of IBBI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urther Applicant submits that the Plan submitted by M/s Secure IT Facility Management Private Limited was not approved by the COC with majority of votes. The Applicant further submits that as the process was nearing the estimated closure date 27.02.2022 of CIRP, hence Liquidation was the only viable option left in the absence of the approved Resolution Plan. I. The Applicant further submits that the Resolution Professional Mr. Anshul Gupta (Registration No. IBBI/IPANATIONAL 002/IP-N00310/2017-18/10899) being eligible, offered himself to be appointed as Liquidator of the Corporate Debtor. The COC has appointed the Applicant as Liquidator to carry on the process of Liquidation of the Corporate Debtor. The Applicant has agreed to act as Liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ., Further replying to the request of the Applicant, The prospective Resolution Applicant vide email dated 25.03.2022 withdrew their interest to submit the Resolution Plan. Hence, Applicant filed his application for Liquidation under section 33 of the Code. 7. After hearing the submissions made by the Counsel appearing for the Applicant and upon perusing the material available on record, it is observed from the minutes of the 12th CoC meeting that the COC unanimously decided to liquidate the Corporate Debtor. Even though the COC in its 12th meeting unanimously decided to liquidate the Corporate Debtor, no voting was conducted in this regard for the reason best known to the COC. It is important to observe here that more than 397 days has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidator to send this order to the ROC under which this Company has been registered. f. That the personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. g. That on having liquidation process initiated, 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. h. This liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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