2019 (12) TMI 562

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....edings against M/s. Seatel Electronics (India) Private Limited, (for brevity 'Corporate Debtor'). 2. Earlier, an Application under Section 10 of the IBC, 2016, was filed by the Corporate Debtor. This Tribunal admitted the insolvency petition on 13.06.2018, and appointed one Mr. Brij Kishore Sharma as Interim Resolution Professional ('IRP'). 3. The first meeting of the Committee of Creditors (for brevity 'CoC') was held on 12.07.2018, wherein the CoC resolved to replace the IRP i.e. Brij Kishore Sharma. Consequently, Mr. Satyendra Prasad Khorania was appointed as Resolution Professional ('RP'). 4. In compliance of Section 15 of the IBC, 2016, the Resolution Professional issued Information Memorandum a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., 2016. 7. IA No. 21/JPR/2019, was also filed by the RP under Section 45 of the IBC, 2016, wherein it was prayed to declare certain transactions as undervalued. 8. Taking into consideration the above facts in relation to the affairs of the Corporate Debtor the provisions of Section 33(2) of IBC, 2016, are as follows: - "(2) where a the resolution professional at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the adjudicating authority of the decision of the committee of creditor approved by not less than sixty-six per cent of the voting share to liquidate the corporate debtor, the adjudicating Authority shall pass a liquidation order as referred to in sub-clau....