2019 (6) TMI 75

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y Code, 2016, (in short 'I&B Code, 2016'), by the Resolution Professional. 2. The prayers made by the Resolution Professional in the Application are as follows:- i. To order liquidation of Corporate Debtor under section 33(1)(a) of the I&B Code. ii. To carry on the business of the Corporate Debtor for its beneficial liquidation in terms of section 35(1)(e) of I&B Code. iii. To appoint Applicant/Resolution Professional as the Liquidator under section 34 of the I&B Code. iv. Any other relief as may be provided by the Hon'ble Tribunal. 3. Originally, CP/515/(IB)/CB/2017 was filed under section 7 of the I&B Code, 2016, by the Financial Creditor viz., M/s. State Bank of India against the Corporate Debtor viz., M/s. Summer I....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t is averred that the Resolution Professional had made newspaper publication one in English and another in vernacular inviting 'Expression of Interest' ('Eol') on 8.12.2017 in respect of Corporate Debtor fixing 26.12.2017 as last date for submitting the Resolution Plan(s). In the meantime, the time period of CIR Process was extended for 60 days beyond 180 days vide this Authority Order dated 19.12.2017. 8. In the 5th and 6th Meetings of the CoC held on 16.2.2018 and 22.2.2018, the CoC has recommended to extend the time period for submitting the Resolution Plan (s) and also agreed to seek extension of the time period of CIR Process for another period of 30 days. 9. It is averred that the Resolution Professional has received....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Director has filed a Miscellaneous Application No. 1581/2018 in Civil Appeal No. 3169/2018 before the Hon'ble Supreme Court. The Hon'ble Supreme Court vide its order dated 30.05.2018 granted four weeks' time for deposit of the outstanding amount of debt. However, the Director did not deposit the amount within the time granted, and then, sought stay of all the proceedings in relation to CP/515/2017, by filing WP No. 28894/2018 before the Hon'ble High Court of Madras which was dismissed on 5.2.2018. 12. In the grounds, the Resolution Professional has stated that as per Section 33(1)(a), upon completion of the maximum period under section 12 of the I&B Code, 2016, this Authority may pass an order requiring the Corporate Deb....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of the order of liquidation; IV. Subject to Section 52 of the I&B Code, 2016, 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; V. This Authority makes it clear that para (iv) 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; VI. This Order shall be deemed to be 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....