2017 (12) TMI 975

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....U, J. For The Applicant : Pavan Godiawala, Ld. Adv. For The Respondent : Dhaval Shah, Ld. Adv. ORDER 01. In the 5th meeting held on 23.09.2017, Committee of Creditors passed a Resolution authorising the Resolution Professional to make an application seeking liquidation of the Corporate Debtors viz. Pooja Tex-Prints. (P.) Ltd. 02. Pursuant to the Resolution, the Resolution Profession....

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.... Professional was appointed as Resolution Professional by the Committee of Creditors in the meeting held on 12.06.2017. Thereafter, Resolution Plans were submitted by Mr. Kailash Shah and Mr. Akshay Vyas. The said Resolution Plans were not accepted by the Committee of Creditors. In the meeting of the Committee of Creditors held on 23.09.2017, the Committee of Creditors resolved to go for liquidati....

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....lvency and Bankruptcy Code, 2016, the Committee of Creditors shall be constituted by the Board and not by the IRP or RP. Therefore, the Committee of Creditors constituted by IRP is not a legally valid committee. The entire resolution process undertaken by the Committee of Creditors which is not validly, constituted cannot be taken into consideration. However, the so-called Committee of Creditors d....