9911796707
TMI Blog2023 (3) TMI 895X X X X Extracts X X X X X X X X Extracts X X X X ..... ii, there is no cooperation from the Directors of the Corporate Debtor since the books of accounts not furnished to the IRP; iii, there is no cooperation from the Committee of Creditors who are not attending the CoC Meetings and not ready to contribute the cost of CIRP; and iv. there are no liquid assets with the Corporate Debtor to cover the cost of the CIRP and liquidation process. b. and pass such other orders as deem fit and proper in the given circumstances of the case in the interest of Justice. 2. The CIRP in the matter commenced vide order dated 30.09.2021 and the applicant herein was appointed as Interim Resolution Professional. 3. Public announcement was issued on 03.10.2021. Pursuant to the public announcement, claims w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IRP cost. The 4th CoC meeting was held on 18.12.2021 which was attended by only two (2) members i.e. Mr. B. Suresh Kumar and Mahindra & Mahindra Financial Services Limited represented by its Assistant Legal Manager. Out of two members only one person participated in voting, another person walked out without casting the vote. The resolution passed in the 4th CoC meeting is appended at Annexure-18 of the application typeset. The Applicant further submits that the CIRP cost has not been contributed and has not been ratified by the CoC despite persistent follow up by the Interim Resolution Professional. 7. The Interim Resolution Professional submits that total 76 creditors claim aggregating to Rs. 7,57,57,117/- (Rupees Seven Crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate debtor. 2. The Adjudicating Authority shall on application filed by liquidator under sub-section (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. 3. A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority. with which the corporate debtor is registered". 10. It is seen from the above that "only a liquidator" can file an application to the Adjudicating Authority for the dissolution of the Corporate Debtor and the present application has been filed by the Interim Resolution Professional. Considering the provision of law under Section 54 of IBC, 2016, we are not inclined to ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority of the decision of the committee of creditors '[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 committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub-section (1) of section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum.] 14. As the CIRP period is already over and no resolution plan is pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her like transactions including fraudulent preferences and file suitable application before this Adjudicating Authority. d) The Registry is directed to communicate this order to the Registrar of Companies, Chennai and to the Insolvency and Bankruptcy Board of India; e) In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation. f) The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under section 33(5) of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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