TMI Blog2022 (1) TMI 1370X X X X Extracts X X X X X X X X Extracts X X X X ..... On reading the Application and the documents enclosed therein, for the RP has complied with the procedure laid under the Code read with Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Regulations), this is believed to be a case fit to pass liquidation order under sub-section 1 of section 33 of the Code as no resolution plan has been submitted before the Adjudicating Authority by the Resolution Professional. It is directed that the Corporate Debtor to be liquidated in the manner as laid down in the Chapter by issuing Public Notice stating that the Corporate Debtor is in liquidation with a direction to the Liquidator to send this order to the ROC under which this Company has b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7 Magma Fincrop Ltd 0.22 0.24% Total 93.06 100% 3. The Applicant pointed out that the advertisement for invitation of Expression of Interest was made and time for EOI was extended twice. The Erstwhile IRP was replaced and Applicant was appointed vide order dated 18.05.2020. 4. The CIRP period of 180 days was concluding on 26.05.2020. However due to lockdown imposed by Central Government, the lock down period was required to be excluded. After exclusion of the lock down period, the period of 180 days, the CIRP period was due to conclude on 09.11.2020. 5. The Applicant further submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Representative of the Union Bank said that there no need of due diligence report in this case. After discussion, it was decided that the RP will check the eligibility of the Resolution applicant and inform the same to Committee. Note: There was no obligation to communicate separately to the Applicant. 8. In the Eight CoC meeting the Resolution Plan by Jaidev Panchamatia was not approved and it was resolved that the Corporate Debtor should be liquidated and since period of lock down was excluded there was no need for an extension. The minutes captured the discussions of COC as follows: B. 1. To take approval of the committee to file an application with the NCLT Mumbai Bench for liquidation of the Corporate Debtor: C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for recommending liquidation of the Corporate Debtor . FURTHER RESOLVED THAT Mr. Fanendra Munot, the Resolution Professional of Corporate Debtor, be and is hereby authorized to take the necessary steps to file the said Application with the NCLT, Mumbai Bench to obtain its approval for the same. RESOLVED THAT name of Mr. Fanendra Munot, the Resolution Professional, be and is hereby recommended as a Liquidator of the Corporate Debtor at a remuneration of Rs. 2 Lakhs (excluding GST) per month plus Out of pocket expenses. FURTHER RESOLVED THAT necessary steps to be taken to obtain approval of the NCLT for the same. 10. There are no major assets left in the company. The only assets being scrap items of inventory having no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e partners of the Corporate Debtor hereafter ceased to exist. All these powers henceforth vest with the Liquidator. d) 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. e) that the Liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified by the IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of the Code. f) 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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