2020 (1) TMI 469

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.... for initiation of Liquidation Proceedings against M/s. Emgee Cables and Communications Limited, Corporate Debtor herein, as approved by the Committee of Creditors ('CoC'). 2. Earlier, an Application under Section 9 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 was filed by M/s. Packwell (India) Private Limited (Operational Creditor) against M/s. Emgee Cables and Communications Limited (Corporate Debtor). This Tribunal admitted the insolvency petition on 27.07.2018 and appointed one Mr. Sandeep Kumar Jain as Interim Resolution Professional ('IRP') in relation to the affairs of the Corporate Debtor. 3. The IRP complied wi....

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....not reliable. (b) The NPV of the average fair value of the assets charged to our bank is 6.93 crores, which is higher than the amount to our bank under the Resolution Plan i.e. Rs. 5.94 crores. (As per view expressed by Bank of Baroda, a key constituent of the CoC) 6. In the 10th meeting of CoC dated 20.04.2018, it was brought to the knowledge of the CoC members that the Resolution Plan was rejected and the 270 days period was going to expire on 22.04.2019. There was no possibility of resolution taking place in Emgee Cables and Communications Limited. Therefore, the CoC unanimously passed a resolution to liquidate the Corporate Debtor. The operative part of the said Resolution is reproduced below:- "Resolved that as per....

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....cy and Bankruptcy Code, 2016 can be contextually seen and are reproduced as follows: "(2) where 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-clause (i), (ii) and (iii) of clause (b) of Sub-Section (1)" 12. In view of the forgoing circumstances and taking into consideration the provisions of law as well as relevant facts, this Tribunal is constrained to order for liquidation of the co....