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TMI Blog2022 (1) TMI 1370X X X X Extracts X X X X X X X X Extracts X X X X ..... on 19.11.2019 and the Interim Resolution Professional was appointed. The IRP issued Public notice inviting claims and then constituted the CoC. The members of Coc are as under: Sr No. Name of the Financial Creditor Amount of claim accepted by the RP (Rs. In Crores) Percentage 1 Union Bank of India 85.85 92.25% 2 Yes Bank 5.56 5.98% 3 IDFC First Bank Ltd 0.42 0.45% 4 RBL Bank 0.40 0.42% 5 Tata Capital finance Services Ltd 0.32 0.34% 6 Indiabulls Consumer Finance Ltd 0.29 0 .32% 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 Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Resolution Applicant. He stated that Mr. Jaidev Panchamatia is a connected person in terms of Section 29A of Insolvency and Bankruptcy Code, 2016. He further stated that the CD is classified as Fraud and Wilful defaulter. The chairman suggested to take a due diligence report to check the eligibility of the Resolution applicant. On this, the Authorized 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion for liquidation in Eight CoC meeting was approved with 100% votes. Further Mr. Fanendra Harakchand Munot the Resolution Professional IBBI/IPA-001/IP0515/2017-18/10916 was proposed to be liquidator and consent has been attached. The resolution passed by COC is reproduced below: "RESOLVED THAT approval of the Committee is accorded 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 Liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quidation with a direction to the Liquidator to send this order to the ROC under which this Company has been registered. b) that the Resolution Professional herein is hereby appointed as Liquidator as provided under Section 34(1) of the Code. c) all the powers of the Board of Directors, key managerial persons, the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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