2019 (4) TMI 1604

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....inted as Interim Resolution Professional (IRP). 2. The Financial Creditor has filed the Petition/Application for the Outstanding Amount of Rs.1,21,17,752/- which is in the nature of Inventory Funding Facility. 3. In the First Committee of Creditors meeting held on 01.11.2017, the IRP appointed by this Bench has been confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC). 4. The Ld. IRP after appointment has contacted the Debtor and asked for the Audited Financials of the Debtor. There was non-cooperation from the side of the Promoter/ Director, however, managed to get un-audited financial statements for Financial Years 2015-16 and 2016-17 with a copy of the Income Tax Assessment Order for the Financial Year 2....

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....y to various parties and Letters sent to them wherein some of the parties replied that no dues are pending against them as the same have been settled/ adjusted. However, in one case of Kinjal Enterprises 106 bearer cheques were enchased during the CIRP period was brought to the notice of this Tribunal in MA 565 of 2018 for seeking directions. 6. On 22.06.2018, Ld. Resolution Professional informed the Members of the Committee of Creditors about the directions of this Bench on 10.05.2018 in which this Tribunal had asked for valuation of Assets of the Company and the suggestion made to move an application for liquidation. The Committee of Creditors was also informed about the application filed against Gopal Dalvi (MA No.642 of 2018) in this....

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....no Resolution Plan has been received and/ or approved throughout the Resolution Process period, it is pertinent that the Corporate Debtor be Liquidated. The Committee of Creditors members concurred with the views of the Resolution Professional. As a consequence, the RP has preferred this Application U/s. 33 praying for Order of Liquidation of the Corporate Debtor. 8. The Ld. Resolution Professional has also submitted that the Committee of Creditors had not recommended him to be the Liquidator. The Resolution Professional has also expressed his unwillingness to continue to perform the duties of the Liquidator. 9. Considering above facts and circumstances, this Bench hereby Orders that : i) The Process of Liquidation shall comm....