TaxTMI 
TaxTMI 
2018 (6) TMI 1063
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....and 34(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I & B Code') removed the appellant and appointed one Mr. T.S.N. Raja, as liquidator with the following observations: "30. As per Regulation 13 of the liquidator shall submit a preliminary report to the Adjudicating Authority within 75 days from the liquidation commencement date providing various details/information as mentioned in the said regulation. xxx xxx xxx ....
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....solution plan was not rejected for failure to meet any requirement and in fact the draft resolution was not approved. Therefore, the stage of sub-section (2) of Section 30 never reached. 5. Learned counsel appearing on behalf of the Insolvency and Bankruptcy Board of India (hereinafter referred to as the 'IBBI') submitted that the question raised being a question of law can only be decided by the Tribunal. However, according to her, IBBI is not empowered to propose any name of the Liquidator. The IBBI has already uploaded the list of registered resolution professionals on its website from where the Committee of Creditors can choose the resolution professional following the required procedure and after informing the Adjudicating Authority, whose decision is final. 6. It was informed that IBBI received the copy of the impugned order along with letter dated 29th August, 2017 sent by the Tribunal and by reply dated 12th September, 2017, the IBBI informed that it was not empowered to propose the name of any person as a liquidator. 7. Learned counsel appearing on behalf of the IBBI submitted that I & B Code being market driven mechanism only the participants can identify their p....
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.... of resolution professional - (1) The first meeting of the committee of creditors shall be held within seven days of the constitution of the committee of creditors. (2) The committee of creditors, may, in the first meeting, by a majority vote of not less than seventy-five per cent. of the voting share of the financial creditors, either resolve to appoint the interim resolution professional as a resolution professional or to replace the interim resolution professional by another resolution professional. (3) Where the committee of creditors resolves under sub-section (2)- (a) to continue the interim resolution professional as resolution professional, it shall communicate its decision to the interim resolution professional, the corporate debtor and the Adjudicating Authority; or (b) to replace the interim resolution professional, it shall file an application before the Adjudicating Authority for the appointment of the proposed resolution professional. (4) The Adjudicating Authority shall forward the name of the resolution professional proposed under clause (b) of sub-section (3) to the Board for its confirmation and shall make such....
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....ub-section (2) of Section 30, the resolution professional is required to examine each resolution plan received by him to confirm that the resolution plan provides for the requirement as mentioned in clauses (a) to (f) of sub-section (2) of Section 30. For a proper appreciation, it is desirable to quote sub-section (2) of Section 30, as quoted below: "30. Submission of resolution plan - (1) xxx xxx xxx &n....
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....relation to voluntary liquidation process as they apply in relation to liquidation process with the substitution of references to the liquidator for references to the interim resolution professional. (4) The Adjudicating Authority shall by order replace the resolution professional, if- (a) the resolution plan submitted by the resolution professional under section 30 was rejected for failure to meet the requirements mentioned in sub-section (2) of section 30; or (b) the Board recommends the replacement of a resolution professional to the Adjudicating Authority for reasons to be recorded in writing. (5) For the purposes of clause (a) of sub-section (4), the Adjudicating Authority may direct the Board to propose the name of another insolvency professional to be appointed as a liquidator. (6) The Board shall propose the name of another insolvency professional within ten days of the direction issued by the Adjudicating Authority under sub-section (5). (7) The Adjudicating Authority shall, on receipt of the proposal of the Board for the appointment of an insolvency professional as liquidator, by an order appoint such insolvency profes....