2019 (6) TMI 1422 - Tri - Insolvency and Bankruptcy

Tribunal allows COC to continue CIRP pending RP discharge. Urgent meeting sought.

The Tribunal directed the Registry to scrutinize an application and issued notice to the Member of COC and Suspended Management of the Corporate Debtor ... Liquidation Order - permission to COC to conduct further meeting to discuss and decide the urgent agenda, although the period of 270 days of CIRP is already over - HELD THAT:- The RP has not been discharged, hence, COC cannot be treated to be afunctus officio until a formal order for liquidation is passed. Therefore, the RP and COC may keep continue with the CIRP with a view to safeguard the paramount interest of the company. The matter be listed on 9th July, 2019. The Tribunal directed the Registry to scrutinize an application, issued notice to the Member of COC and Suspended Management of the Corporate Debtor Company. RP sought urgent direction for COC to conduct a meeting despite the end of CIRP period. Tribunal held that RP has not been discharged, so COC can continue with CIRP until a formal order for liquidation is passed. Next hearing scheduled for 9th July, 2019.