TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Tribunal Orders Corporate Debtor Liquidation After Extended CIRP Period</h1> <h3>Union Bank of India Versus M/s. PKS Ltd. Mr. Subodh Kumar Agrawal, Resolution Professional of M/s. PKS Ltd.</h3> Union Bank of India Versus M/s. PKS Ltd. Mr. Subodh Kumar Agrawal, Resolution Professional of M/s. PKS Ltd. - TMI Issues: Liquidation of Corporate Debtor, Replacement of Resolution Professionals, Extension of CIRP PeriodLiquidation of Corporate Debtor:The Tribunal considered an application filed by the Resolution Professional of a Corporate Debtor, stating that no Expression of Interest (EoI) was received for the liquidation process despite prior efforts. The history of the case highlighted the appointment and replacement of various Resolution Professionals due to different reasons. As the CIRP period had exceeded 1000 days, and no resolution plan was received, the Committee of Creditors recommended liquidation with 100% voting shares. The Tribunal, in accordance with the Insolvency and Bankruptcy Code, ordered the liquidation of the Corporate Debtor. The Resolution Professional was directed to hand over all necessary documents to the appointed Liquidator, who would initiate the liquidation process as per the relevant regulations. The powers of the Board of Directors would cease, and the Liquidator would take charge of managing the liquidation process.Replacement of Resolution Professionals:Multiple applications were filed for the replacement of Resolution Professionals during the course of the proceedings. The Tribunal approved the appointment of different professionals based on the recommendations of the Committee of Creditors. Notably, the Resolution Professional did not consent to act as the Liquidator, leading to the appointment of a separate Liquidator for the liquidation process. Each replacement was duly considered and approved by the Tribunal in compliance with the Code.Extension of CIRP Period:Several applications seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period were filed by the Resolution Professionals. However, as the Tribunal had already passed the order for liquidation, these extension requests were deemed infructuous and disposed of accordingly. The Tribunal emphasized the mandatory provisions of the Code regarding the timeline for resolution and liquidation processes.The detailed judgment outlined the procedural history, decisions, and legal provisions governing the liquidation process of the Corporate Debtor, emphasizing compliance with the Insolvency and Bankruptcy Code. The Tribunal's order for liquidation, appointment of a Liquidator, and handover of responsibilities from the Resolution Professional marked the conclusion of the proceedings, ensuring adherence to the statutory framework governing insolvency proceedings.
TaxTMI 