TaxTMI 
TaxTMI 
2018 (4) TMI 272
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....ee of Creditors has approved for the same within 270 days as prescribed for a Corporate Insolvency Resolution Process because the resolution plan for the Corporate Debtor Company could not be materialized. 2 As per record of this Tribunal's order dated 11.04.2017, the present Petition has been admitted under Section 10 of the Insolvency and Bankruptcy Code and appointed Mr. Parveen Bansal as an Interim Resolution Professional in respect of the Corporate Debtor/Corporate Applicant Company, later on he was also confirmed as the Resolution Professional for the Corporate Debtor company by the Committee of Creditors. 3. The facts, which are necessary for the disposal of the present application may be stated as under: a. That the I....
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....Committee of Creditor informed that he would seek necessary approval from his higher authorities or to suggest some modifications/improvements in the proposed resolution plan. The Corporate Applicant has enclosed a copy of the minutes of the third meeting of the COC with the present petition. It is further submitted that the Union Bank of India has rejected the resolution plan vide its letter dated 22.09.2017. A copy of such letter has also been enclosed with the present petition for perusal. f. It is further submitted that in the fourth meeting of Committee of Creditors held on 04.10.2017, Resolution Applicant revised its offer. The sole member the COC agreed to consider the revised resolution plan. As the period of Corporate Inso....
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....e extended period of Corporate Insolvency Resolution Process was due to be over by 05.01.2018. Hence, no other alternative left but to intimate to Adjudicating Authority to initiate for liquidation process of Corporate Debtor. A copy of the minutes along with attendance register and voting registers of sixth meeting of committee of creditors have been enclosed with the present petition. 4. We have heard the submission of RP and of the COC as described in the present petition, we feel that there are sufficient and convincing reasons for initiation of liquidation process under Section 33 of the Insolvency and Bankruptcy Code, 2016. 5. The relevant Provision of Section 33 of the Insolvency Code, 2016 reads as under: 33. (1) Wher....
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....he Adjudicating Authority for a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). (4) On receipt of an application under sub-section (3), if the Adjudicating Authority determines that the corporate debtor has contravened the provisions of the resolution plan, it shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). (5) Subject to section 52, when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corporate debtor: Provided that a suit or other legal proceeding may be instituted by the liquidator, on behalf of the corporate debtor, with the prior ....
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....ection 36 of Insolvency and Bankruptcy Code, 2016 and to be distributed in accordance with Section 53 of the Code. III. All the powers of the board of directors, key managerial personnel and the partners of the corporate debtor, as the case may be, shall cease to have effect and shall be vested in the Liquidator pursuant to Section 34(2) of the Insolvency and Bankruptcy Code, 2016. IV. That the personnel of the corporate debtor shall extend all assistance and cooperation to the liquidator as may be required by him in managing the affairs of the corporate debtor. V. Issue a public announcement stating that the Corporate Debtor is in liquidation. VI. The Liquidator shall discharge his functions pursuant to ....