2018 (6) TMI 536

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....Chandigarh, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "I&B Code") in CP (IB) No. 01/Chd/2017, for its 'Corporate Insolvency Resolution Process'. The application under section 10 of the 'I&B Code' was admitted by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, on 14th February, 2017 declaring the 'Moratorium' and one Mr. Manik Goyal was appointed as 'Interim Resolution Professional'. 2. Another Company namely, 'M/s. Hind Motors India Limited', Chandigarh, filed an application under Section 10 of the "I&B Code" in CP (IB) No. 06(Chd)/2017, for its 'Corporate Insolvency Resolution Process', which was admitted by the Adjudicating Aut....

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....tion of the said loan." In one of the cases, the Appellant- Mr. Ashish Mohan Gupta, Promoter proposed to make payment of Rs. 1.25 crores as against the total outstanding claim of Union Bank of India which amounts to Rs. 3.51 crores. In other cases, similar 'Resolution Plan' was filed by the Appellant- Mr. Ashish Mohan Gupta, Promoter. However, in all the three cases, the respective 'Committee of Creditors' by majority decision rejected the plan, which resulted in initiation of liquidation proceeding under Section 33 of the 'I&B Code'. 6. The Appellant- Mr. Ashish Mohan Gupta has taken similar pleas in all the appeals that the 'Corporate Insolvency Resolution Process' was completed without following the prescribed provisions of the 'I&B C....

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....It is pertinent to mention herein that as per the affidavit of the Respondent dated 10th January, 2018, that no invitations were invited from prospective lenders, investors and any other person to put forward 'Resolution Plans' as per Section 25(h) of the 'I&B Code'. iv. No extension application under Section 12(2) of the 'I&B Code': Even though Section 12(2) of the 'I&B Code' provides for the filing of an application seeking extension of time of 90 days, the 'Resolution professional' did not file any application in pursuance to the same. The 'Resolution Professional' was confirmed on 16th June, 2017 and the first meeting of the 'Committee of Creditors' was held thereafter. As per the additional affidavit dated 18th December, 2017 ....

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....upta, the Promoter in the other two appeals. 10. The Respondents have filed affidavit and taken plea that all steps as required under the provisions of the 'I&B Code' were taken. 11. From the record of CP (IB) No. 01/Chd/2017, we find that the case was admitted on 14th February, 2017 appointing Mr. Manik Goyal as 'Interim Resolution Professional'. The 'Financial Creditors' namely Union Bank of India, State Bank of India, ICICI Bank and 37 depositors held meeting on 10th March, 2017. The lead Bank is the Union Bank of India holding more than 75% of the voting share of the 'Committee of Creditors'. On the request of the 'Committee of Creditors', the 'Interim Resolution Professional' was removed and another 'Resolution Professional' was ....

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....mmittee of Creditors' was also brought to the notice of the Adjudicating Authority by the 'Interim Resolution Professional'. 14. All the aforesaid facts, including the decision of the 'Committee of Creditors' held on different dates were taken into consideration by the Adjudicating Authority before passing the impugned order. The 'Committee of Creditors' having rejected the only 'Resolution Plan' submitted by the Appellant- Mr. Ashish Mohan Gupta, who is the Promoter of the 'Corporate Debtor(s)', the Adjudicating Authority by impugned order had no option but to pass order under Section 33(1) for initiation of liquidation process by appointing a 'Resolution Professional(s)' as Liquidator(s) of respective 'Corporate Debtor(s)'. 15. The ....