2019 (5) TMI 1663

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....3 (I) of the Code i.e. the automatic consequence upon completion of 270 days on non- receipt ofresolutionplan be kept pending, subject to the outcome of the Writ Petition already filed on 01.10.2018 by the Applicant seeking disbursal of subsidy from the Ministry of Electronics and IT before the Hon'ble High Court of Delhi. " 2. The facts in brief for disposal of the application are that IB-272(PB)/2017 filed under Section 7 of the Code, was admitted vide order Insolvency Resolution corporate debtor M/ s. dated 14.11.2017 and Corporate Process was triggered against the Moser Baer Solar Limited. Ms. Ritu Rastogi was appointed as Interim Resolution Professional in respect of the corporate debtor. 3. Thereafter, in terms of Regulation....

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....in place of the earlier Resolution Professional. 6. It is also pertinent to note that on the application of the Resolution Professional Corporate Insolvency Resolution Process period was extended by 90 days on 23.04.2018 and additionally on an subsequent application filed by Resolution Professional, Corporate Insolvency Resolution Process period was also excluded from 01.02.2018 to 19.03.2018 and 09.08.2018 to 14.08.2018 from the statutory 270 days of Corporate Insolvency Resolution Process period vide order dated 14.08.2018. 7. It has been submitted in the application that despite several advertisement inviting Expression of Interest, the Resolution Professional had not received any resolution plan in respect of the Corporate Debtor.....

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....nal Company Law Appellate Tribunal in the matter of Vijay Kumar Modi & Anr. Vs. Singhania International Ltd. & Anr. passed in Company Appeal No. CA (AT) (Ins) 230-231 / 2018, that: "In absence of any Resolution Plan and in absence of any recommendation of the COCs to extend the period of resolution process, the Adjudicating Authority rightly passed order for initiating liquidation proceeding which is in accordance with the provisions of the Insolvency and Bankruptcy code, 2016. " 11. Similar view was taken by Hon 'ble National Company Law Appellate Tribunal in the matter of Sanjay Kumar Ruia Vs Catholic Syrian Bank Ltd. & Anr. passed in Company Appeal No CA (AT) (Ins) 560 of 2018, wherein it was observed that: "In a....

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....tever may be the consequence. 14. In the factual background and in the absence of any resolution plan and for want of time beyond statutory CIRP period; there is no other alternative but to order for liquidation of the corporate debtor under Section 33 (I) (a) of the Code. 15. In the result the application is allowed by ordering liquidation of the corporate debtor, namely M/S Moser Baer Solar Limited in the manner laid down in the Chapter Ill of Part Il of the Insolvency and Bankruptcy Code, 2016 along with following directions: a. Mr. Arvind Garg resolution professional holding registration no. IBBI/IPA-003/IP- N00029/2017-18/ 10189, is appointed as Liquidator in terms of Section 34(1) of the Code; b. Mr. Arvind Gar....