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TaxTMI 
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TaxTMI 
2018 (12) TMI 1049
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....vency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 for initiating Corporate Insolvency Resolution Process ("CIRP") against M/s. Jain Granites & Projects India Ltd, the Corporate Debtor herein. 2. This Tribunal vide order dated 14.12.2017 appointed the Mr. Madhu Desikan as the Interim Resolution Professional to carry out the functions as enshrined in the Code. The Copy of the said order was served to the Corporate Debtor's bankers and signatories of the bank accounts were updated accordingly. Public announcement were made in the "Trinity Mirror" and "Malai Malar" on 18.12.2017 by the IRP. 3. The valuers were called to express their interest on taking up the assignment and two valuers were finalized to d....
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....ck at Maduravoyal and Tirunelveli Premises. COC informed that decision could be taken only after the position of Creditors and Debtors are clear and needed clarity of the amounts due before giving their approval. They were informed that since the records were destroyed by fire accident on 11.2.2016, the exact position of Creditors and debtors were not clear and sought time. COC advised RP to work out backwards based on the bank statement and balance sheet position as of 31st March, 2016 and advised the RP to circularize the balances of Creditors and Debtors and report by 15th March, 2018. (i) RP sought approval of valuers fees to the extent of Rs. 130,000. COC felt that the amount sought based on the scope of work was on high side and did....
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....ances were to the extent of about Rs. 41.20 Crores while the assets and assessed realizable debtors works to about Rs. 17.75 Crores only leaving a gap of about Rs. 23.45 Crores, resolved to approve the extension of time under section 12 of Insolvency & Bankruptcy Act, 2016 by 90 days from May 22, 2018. Accordingly, a petition was filed before this Tribunal on 3rd May, 2018 and came for hearing on 7th May, 2018 and the prayer for extension was approved. (Refer Annexure 6 - Minutes of 6th meeting of COC) 6. In the meeting held on 6th August, 2018, COC approved the valuation report and waived the requirement of appointing third valuer although the difference in valuation overall was more than 10% on the grounds that total value was below Rs. ....
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....by promoters. COC also added that if promoters come with proper One Time Settlement plan with IOB, then they will help in revival process including appropriate settlement to the creditors also. (Refer Annexure 8 - Minutes of 8th Meeting of COC) 9. The promoters of the Corporate Debtor submitted a Resolution Plan to RP on 9th August, 2018 and this was forwarded to financial creditors, on the same day for their consideration. In the COC meeting held on 18.08.2018, with a one-point agenda related to the Resolution Plan submitted by promoters, the Gist of Revival Plan (Refer Annexure A to\Annexure 8) was taken for discussion. The COC informed that feasibility of Resolution Plan was not accepted by them and reiterated that Corporate Debtor has ....
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.... the order of liquidation; iv. Copy of this Order shall be sent to the Registrar of Companies, RD, OL and the Registered Office of the Corporate Debtor. v. As stated in Section 33(5) of the I&B Code, 2016, subject to Section 52, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. vi. We make it clear that para (v) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. vii. In terms of Section 33(7) of the I&B Code, 2016 th....