TMI Blog2022 (10) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... for change of RP as Liquidator is hereby rejected. Mr. Devarajan Raman, Resolution Professional is appointed as the Liquidator to conduct Liquidation process of Kotak Urja Private Limited as provided under Section 34(1) of the Code - the application filed under section 33(1) by the Applicant is hereby Allowed and Disposed of. - IA No. 1089/MB-IV/2021 CP (IB) No.3269/MB-IV/2019 - - - Dated:- 3-10-2022 - Mr. Manoj Kumar Dubey Hon ble Member ( Technical ) And Mr. Kishore Vemulapalli Hon ble Member ( Judicial ) For the Applicant/RP : Ms. Shaila Taware, Advocate Mr. Devarajan Raman , RP. For the Respondent : Mr. Pulkit Sharma a/w Mr. Harsh Kesharia Advocates ORDER Per : Kishore Vemulapalli, Member (Judicial) 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 prospective Resolution Applicants before the breakout of the pandemic and the prospective Resolution Applicants have since then deferred their plans. d) The 7th CoC meeting was held on 04.01.2021 and it was resolved to appoint Mr. Devarajan Raman as RP and adjourned for the other item on the approval of liquidation and approval of CIRP expenses as SBI requested time to take internal approvals. e) Thereafter, the adjourned meeting was held on 17.03.2021 and it was resolved to liquidate the Corporate Debtor. However, the Resolution of appointment of Applicant, despite having consented to act as Liquidator as per section 34(1) of the Code was not approved with CoC members having vote share of 88.65% voting against the Resolution. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Lawyer for drafting, pleading and obtaining the order of liquidation from the Adjudicating Authority. The provision of section 33(2) of IBC,2016 states that: - (2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors 1[approved by not less than sixty-six per cent. of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). [Explanation. For the purpose of this sub-section, it is hereby declared that the committ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolved for change of RP as the Liquidator in the matter with 88.64% voting. This Bench is of view that there are no specific provisions for the change of RP as the Liquidator nor the CoC has given any reason for change of RP as Liquidator in the matter. Hence, the resolution for change of RP as Liquidator cannot be considered by this Bench and the prayer of the CoC for change of RP as Liquidator is hereby rejected. 5. In view of the above observations, Mr. Devarajan Raman, Resolution Professional having Registration No. IBBI/IPA-002/IPN00323/ 2017-18/10928 is appointed as the Liquidator to conduct Liquidation process of Kotak Urja Private Limited as provided under Section 34(1) of the Code. 6. That the Liquidator would be entitled to ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
