2018 (9) TMI 1882

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....ion 33(2) of the Insolvency and Bankruptcy Code, 2016, (in short 'I&B Code, 2016'), for liquidation of the assets of the Corporate Debtor viz., M/s. Meka Dredging Company Private Limited that has been undergoing Corporate Insolvency Resolution Process (CIRP) since 09.02.2018 for a period of 180 days that has expired on 08.08.2018. 2. CP/541/IB/CB/2017 was filed under Section 7 of the I&B Code, 2016 by the Financial Creditor viz., M/s. L&T Finance Limited, which was admitted by this Bench vide Order dated 09.02.2018; the CIRP was initiated against the Corporate Debtor viz., M/s. Meka Dredging Company Private Limited; the moratorium was declared and the Applicant Mr. Dhiren Shantilal Shah was appointed as Interim Resolution Profess....

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....on 08.08.2018, therefore, the Resolution Professional informed the CoCs that there are two agendas for voting; one for extension of time for 90 days or liquidation. The resolution is put to the vote and ARCIL having 70.11 per cent vote share have voted against the extension of time and voted in favour of liquidation of the Corporate Debtor. The L&T Finance having 29.89 per cent vote have voted in favour of extension of time and voted against liquidation of Corporate Debtor. Hence, resolution for liquidation of Corporate Debtor is approved by 70.11 per cent vote. 7. Therefore, in the 9th Meeting of the CoCs held on 27.07.2018, wherein the resolution passed for liquidation of the Corporate Debtor is as follows: - "Resolution for l....

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....f 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 maybe, shall cease to have effect and shall be vested with the Company ....