9911796707
TMI Blog2020 (7) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... r Shri Jinan K.R., Member (J) 1. Mr. Animesh Mukhopadhyay, Resolution Professional filed this unnumbered application under Section 33(2) of I & B Code, 2016 for passing an order requiring the corporate debtor (CD)/ M/s Jas Infrastructure and Power Limited to be liquidated in the manner laid down in Chapter III, Part II of the I&B code. 2. This application was filed requesting for urgent hearing in the matter since there has been much delay due to the country wide lockdown in the pandemic situation. Having been satisfied with the grounds set up for moving this application before lifting the lockdown, the application is admitted and listed for hearing on today (17.07.2020). 3. Brief Facts: 4. Corporate Debtor was admitted in Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere was interest expressed by three groups i.e. Refex Industries Limited, Vedanta group and Karuna Greentech Private Limited. 8. It is submitted by the RP that five CoC meetings were convened till 26th February 2020. It is submitted by the applicant that no resolution plan received from any applicant within the given date and not foreseeing any possibility of resolution. In the last CoC meeting dated 26th February the Committee of Creditor with 98.45% voting share voted in favour of liquidation of the Company and also voted for appointing Mr. Sajjan Kumar Dokania as Liquidator of the Corporate Debtor and the following resolutions were passed: - Resolution No. 1 "RESOLVED THAT since no resolution plan is received, the consent of CoC b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations read with Regulation 39D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 less 65% in case of Sajjan Kumar Dokania." is approved by 98.45% of the CoC members. 9. Heard the Ld. RP Mr. Animesh Mukhopadhyay, and his Counsel , Mr. Utsav Mukherjee and Ld.Counsel Mr. Sandeep Bajaj, for directors of the suspended board of the CD. 10. Ld RP referring to the resolutions passed by the CoC in the meeting held on 26th February,2020, submitted that a final progress report was prepared and sent to the registry by separate mail and showed his unwillingness in continuing the Liquidation process as the liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce. The financial debt of the applicant who initiated the CIRP has come to Rs.689,19,83,028.19/- (Rs. Six Hundred Eighty Nine Crore Nineteen Lacs Eighty Three Thousand Twenty Eight and Nineteen paise only). The proposed liquidator is not from Kolkata where the registered office is situated. He is from Bhopal. So it appears to us a senior insolvency professional who proved his/her competency before us to be appointed in this case as the liquidator. Accordingly we appoint Mr. Kannan Tiruvengadam CA, from the list published by IBBI subject to submission of written consent by him within one week. 13. This application was objected to by the directors of the suspended board of the CD. The Ld. Counsel Mr. Sandeep Bajaj appeared on behalf of Sh. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 33(2) of the I&B Code. In view of the matter, we have no option but to pass the order of liquidation of the Corporate Debtor in the manner as laid down in the Chapter III of Part II of the I&B Code. Accordingly, we pass an order of liquidation of the Corporate Debtor upon the following directions: - ORDER (i) Corporate Debtor M/s. Jas Infrastructure And Power Limited having its registered office at Sector III Salt Lake City Ground Floor Kolkata-700106, in the state of West Bengal, is ordered to be liquidated. (ii) CA. Kannan Tiruvengadam having Registration Number : IBBI/IPA-001/IPP00253/ 2017-18/10482, registered Office Address : Netaji Subhas Villa, Flat No. 3C, 3rd Floor, 18 Karunamoyee Ghat Road, Near Dharapara, Tollygunge area ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to file progress reports as per Reg.15(1) within 15 days after the end of the quarter in which he is appointed. (ix) The fee payable to the Liquidator shall form part of the liquidation cost as provided under Reg. 4(1) of the IBBI (Liquidation Process) Regulations, 2016. (x) The free copy of this order is to be sent to the RP/Liquidator, Operational Creditor and the Corporate Debtor by email for information and for taking necessary steps. (i) Unnumbered Application IA(IB)No........./KB/2020 in CP(IB)No.1290/KB/2018 stands allowed and disposed of. CP(IB)No.1290/KB/2018 stands disposed of as order of liquidation is passed. (ii) Registry is directed to serve e-mail copy of the order to the concerned parties forthwith. (iii) The R ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
