TaxTMI 
TaxTMI 
2019 (7) TMI 964
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....ion are as follows :- a. Pass an order under Section 33 to liquidate the Corporate Debtor under the provisions of the Code, and b. Pass any other or such order as this Tribunal may deem fit and proper in the facts and circumstances of the present case. 3. Originally, the Indian Bank had filed CP/472/(IB)/CB/2017 under Section 7 of the I&B Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. BKR Hotels and Resorts Private Limited (Corporate Debtor) initiate the Corporate Insolvency Resolution Process (CIRP) declare moratorium and to appoint Interim Resolution Professional (IRP). This Adjudicating Authority vide its Order dated 14.08.2018, admitted the Application, init....
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....mail dated 04.01.2019, requested the Resolution Professional to extend time for submitting the Resolution Plan and EMD amount, till 15.01.2019. Accordingly, in the 6th CoC Meeting held on 07.01.2019, the time period for submission of Resolution Plan along with EMD by Mr. G. Ramesh was extended till 18.01.2019. 8. In the 7th Meeting held on 23.01.2019, the CoC, after deliberations, rejected the Resolution Plans submitted by Mr. P. R. Ramakrishna Raja and Mr. G.Ramesh for want of compliance of the provisions of the I&B Code, 2016. 9. In the 8th Meeting of the CoC held on 30.01.2019, the Resolution Plan submitted by one M/s. Poppy's Knitwear Private Limited was put to vote by the CoC, the said Plan was rejected by the CoC with 99.77% voting.....
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....ll be returned. The CoC has further informed the suspended director that the option under Section 33(l){a) would be exercised if the proposed settlement, in the matter stipulated above, does not fructify. 11. In the interregnum, on 08.02.2019, the Resolution Professional has filed an Application under Section 12(2) of the I&B Code, 2016 for extension of the time period of CIR Process for further period of 60 days, after the approval of the CoC and this Authority vide order dated 15.03.2019 extended the CIR Process for further period of 60 days beyond the period of 180 days. 12. It is stated by the Resolution Professional that the suspended director had informed the Indian Bank, the Petitioner in CP/472/IB/2017 that the proposal given by M....
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....ection 33(l)(a), in the absence of any viable resolution plan in respect of M/s. BKR Hotels and Resorts Pvt. Ltd, that the Corporate Debtor be recommended for liquidation in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 Further resolved, that the Resolution Professional be directed to file necessary applications, as prescribed under the Code and Regulations thereunder, to give effect to the resolution for necessary approvals from the Adjudicating Authority. Name of the Financial Creditor Voted for in % Voted against in % Abstained from, voting % Indian Bank 59.67% - - Corporation Bank 22.39% - - Repco Bank 13.84% - - Reliance Commercial Finance Limited - - 3.88% Dena Bank - - 0.22% ....
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.... 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 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 ceas....