TaxTMI 
TaxTMI 
2020 (3) TMI 95
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....reconstituted on the basis of subsequently claims received, is stated to consist of six financial creditors and one operational creditor. The invitation for Expression of Interest (EOI) was issued on 16.04.2019 and e-mails from five parties showing interest in the resolution process were received but only one EOI was received in the prescribed format within the stipulated time of 01.05.2019. The EOI is stated to be republished on 24.05.2019 and the last date for submission of the EOI was extended through re-publication in newspapers on 15.06.2019, but no EOIs were received. 3. It is stated that by order of the Adjudicating Authority dated 07.08.2019, the CIRP period was extended by 90 days beyond the initial period of 180 days i.e. 11.08.2019. 4. EOI was re-published in two newspapers on 11.09.2019. The final list of prospective resolution applicants is stated to be Swissline Intertrade Private Limited and Prudent ARC and Resolution Plan was received only from Swissline Intertrade Private Limited. The resolution plan submitted by Swissline Intertrade Private Limited was considered by the COC in its 11th meeting on 06.11.2019, which continued on 08.11.2019. The matter was put ....
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....was considered by the COC in its 11th meeting held on 08.11.2019 and was put to e-vote as Agenda Item No. 11.05. However, 99.85% of the votes were against the acceptance of the resolution plan. The alternative resolution for approval of the liquidation of Rama Krishna under Section 33 of the Code (Agenda Item No. 11.06) was approved with 99.90% votes. 8. The conditions provided for in section 33(1)(a) are satisfied. Therefore order is passed requiring Rama Krishna, to be liquidated in the manner as laid down in Chapter-III of the Code. Further directions for issuance of public announcement stating that Rama Krishna is in liquidation and requiring the order of liquidation to be sent to the authority with which Rama Krishna is registered are given below. 9. Section 34(1) of the Code states that where the Adjudicating Authority passes an order of liquidation of the corporate debtor under section 33, the RP appointed for the CIRP under Chapter-II shall, subject to submission of a written consent by the RP to the Adjudicating Authority in the specified form, act as the Liquidator for the purpose of liquidation unless replaced by the Adjudicating Authority under section 34(4) of th....
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....er section 30 or deciding to liquidate the corporate debtor under section 33, the committee may recommend that the liquidator may first explore sale of the corporate debtor as a going concern under clause (e) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 or sale of the business of the corporate debtor as a going concern under clause (f) thereof, if an order for liquidation is passed under section 33. (2) Where the committee recommends sale as a going concern, it shall identify and group the assets and liabilities, which according to its commercial considerations, ought to be sold as a going concern under clause (e) or clause (f) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (3) The resolution professional shall submit the recommendation of the committee under sub-regulations (1) and (2) to the Adjudicating Authority while filing the approval or decision of the committee under section 30 or 33, as the case may be." 39D. Fee of the liquidator While approving a resolution plan under section 30 or deciding to liquidate the corporate ....
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....judicating Authority; (ii) That the provisions of sub-section (5) of section 33 of the Code shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator; (iii) That this order of liquidation under section 33 of the Code 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; (iv) That all the powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the Liquidator; and (v) That the personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the corporate debtor and provisions of section 19 of the Code shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process with the substitution of references to the Liquidator for references to the Int....