AI Drafter 
TaxTMI 
TaxTMI 
2019 (3) TMI 1193
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....., M/s. Infinitas Energy Solutions Pvt. Ltd. 2. Originally, CP/558/(IB)/CB/2017 was filed under Section 7 of the I&B Code, 2016, by the Financial Creditor viz., Indian Bank against the Corporate Debtor viz., M/s. Infinitas Energy Solutions Private Limited, which was admitted by this Authority vide Order dated 18.09.2017, the CIR Process was initiated against the Corporate Debtor and Mr. R. Venkatakrishnan was appointed as Interim Resolution Professional (IRP) in the matter. 3. The IRP had taken over the management of the Corporate Debtor and had issued the Newspaper Publication on 01.10.2017 as per the Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016....
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....roup PTE Ltd. and M/s. Avant Ventures LLP and upon the acceptance of the confidentiality and non-disclosure agreement, the Resolution Professional had granted access to the Information Memorandum to the potential Resolution Applicants. Thereafter, the Resolution Professional has placed the Resolution Plans before the CoCs for deliberations. However, the CoCs, after deliberations and considering the market conditions and the assets held by the Corporate Debtor, has requested the potential Resolution Applicants to review their offers. 7. It is stated that the revised offers submitted by the Resolution Applicants were placed before the 6th Meeting of the CoCs held on 02.06.2018 and the CoCs found no significant change in the revised Resolut....
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.... has filed a Memo before this Authority praying to pass such further orders as may be appropriate. This Authority, however, extended the time period of the CIR Process till 10.08.2018 with a direction to conduct voting on the Resolution Plans which have already been presented before the CoCs and file the status report on or before 06.07.2018. In compliance of the said direction, voting on the Resolution Plans was conducted electronically by the CDSL but, 85.31% of the voting rights of CoCs has rejected the Resolution Plans submitted by the Resolution Applicants. 11. The Resolution Professional has filed a Memo on 06.07.2018 before this Authority praying to permit him to present the necessary Application under Section 33 of I&B Code, 2016....
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....convene the meeting of the CoCs, by providing an opportunity of participation to the Resolution Applicant for interacting with the CoCs and seeking suggestions for improvement in the Resolution Plan for being considered by the CoCs keeping in view the commercial viability and feasibility of the Resolution Plan. 13. It is stated that in obedience of the above direction, the Resolution Professional has convened 12th Meeting of the CoCs on 24.12.2018 and invited the Resolution Applicant to participate in the meeting and requested it to place the revised Resolution Plans on or before 07.01.2019. Accordingly, the Resolution Applicant submitted a revised Resolution Plan on 07.01.2019 and the same was circulated to the CoCs. 14. In the 13th ....
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....ommittee decided that the Resolution Plan is not viable considering the uncertainties of the Business Plan and Contingent Payments. The Committee reiterated its decision of liquidation of the Corporate Debtor concluded at 10th Meeting of CoCs held on 01st August, 2018.": 15. It is stated by the Resolution Professional that the CoCs has unanimously rejected the revised offer submitted by the Resolution Applicant on 07.01.2019 with 100 per cent voting share. 16. Since no Resolution Plan has been received by this Authority under Sub-Section (6) of Section 30 of the I&B Code, 2016, before the expiry of the Corporate Insolvency Resolution Process the Corporate Debtor has to be ordered for Liquidation. ORDER 17. In view of th....
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....e a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. VII. 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 with the Company Liquidator viz., Mr. R. Venkatakrishnan. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I&B Code, 2016, r/w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. VIII. The personnel of the Corporate Debtor shall extend a....