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2018 (12) TMI 1807
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....lic announcement, as well as publication of expression of interest inviting prospective Resolution Applicant was issued by him. Resolution Plan was submitted by only one Resolution Applicant, namely, Mantena Engitec Private Limited. It seems to have filed in compliance of sub-section 2 of Section 30 of the 1B code, 2016. The Resolution Professional has submitted the Resolution Plan before the Committee of Creditors for its favourable consideration. 3. From the records available, it is understood that there is no other Resolution Applicant who showed interest in taking over the stressed assets of the Corporate Debtor other than the resolution plan of Mantena Engitec Private Limited. The Ld. RP has submitted that the Resolution Plan of M/S. Mantena Engitec Private Limited (MEPL) has undergone various negotiations, deliberations at the various meetings convened by the Committee of Creditors and as per the result of negotiations with the Resolution Applicant, the resolution Applicant had submitted its revised Resolution Plan to the Resolution Professional on 07-09-20918. That Resolution Plan is seen placed before the COC in the meeting held on 1909-2018. However, no decision was tak....
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....as already expired. 9. As per Section 12 of the I&B code, 2016, time limit for completion of the Insolvency Resolution Process shall expire firstly upon completion of 180 days and if it is extended, it would lastly expire within 270 days. That 270 days has expired on 01-10-2018. 10. Proviso to Section 12 mandate that the Adjudicating Authority shall not pass an order for extension of the period of CIRP under Section 12 for more than once. Therefore, the request on the side of the resolution Applicant in CA(IB) No. 965/KB/2018 for a reconsideration of the Resolution Plan after the expiry of 270 days could not be entertained by me at this stage. 11. Here in the instant case, it appears to me that the rejection of the Resolution Plan by the majority vote share was not on sound reason. The reason for rejection communicated to the Resolution Applicant reads as follows : " further based on your e. mail dated September 24, 2018 requesting waiver of furnishing unconditional and irrevocable performance bank guarantee of INR with respect to implementation of the successful Resolution plan by Mantena Engitec Private Limited, I put the same as well to vote by Committee of Cre....
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....son. 6 Members attended the meeting via Audio conference and 6 Members did not attend the meeting at all. The Members expressed that as the CIRP period is over, the Committee of Creditors cannot consider the fresh Resolution Plan unless special direction is received from the NCLT and the Committee of Creditors decided to go on with liquidation process by permitting the Resolution Professional to file the liquidation plan. 15. I regret to take note of the observation of the Committee of Creditors taken in the meeting held on 08-10-2018. The Resolution Professional or the Committee of Creditors had not approached the Adjudicating Authority (in short AA) before the expiry of the period so as to exclude any days which were unutilised for the purpose of identifying the Resolution Plan and put pressure on the AA that if AA chooses to grant time beyond 270- days, it can consider the Resolution Plan knowing very well that the AA shall not extend the period more than once. The Resolution Professional is duty bound to act diligently keeping in mind the time line. 16. As per the amended provision 40A of IBBI(IRP for Corporate Persons) Regulation, 2016, model time line for CIRP is laid d....
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....if approved by COC with 90% majority voting, by RP to AA Within 3 days of approval by coc W+IO Regulation 35A RP to form an opinion on preferential and other transactions Within 75 days of commencement T+75 RP to make a determination on preferential and other transactions Within 115 days of commencement T+115 to file application to AA for appropriate Within 135 days of commencement T+135 Regulation 36(1) Submission of 1M to coc Within 2 weeks of appointment of RP, but not T+54 later than 54 ^th day of commencement Regulation 36A Publish Form G Within 75 days of commencement T+75 Invitation of EOI Submission of EOI At least 15 days from issue of EOI(assume 15 days) T +90 Provisional List RAs by RP of Within 10 days from the date of provisional list T+IOO Submission objections provisional list of to For 5 days from the date of provisional list T+105 Final List of Ras by Within 10 days of the receip....
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....onsented to continue the liquidation process as a Liquidator. Therefore, he is to be appointed as the Liquidator in CP(IB) No. 593/KB/2017. 21. In view of the above said discussions, I am passing an order requiring the corporate debtor to be liquidated in the manner as laid down in the Chapter Ill read with section 33 of I&B Code upon the following orders: ORDER i) Mr. Ravi Sankar Devarakonda is appointed as the Liquidator Issue notice of appointment to the Liquidator forthwith via E-Mail, calling him to produce written consent within one week of receipt of the Order. iii) Mr. Ravi Sankar Devarkonda is directed to issue public announcement in one of the leading English newspaper as well as in one vernacular newspaper having wide circulation where the registered office of the corporate debtor is situated as per Section 33(1) (b) (ii) of the Code read with Reg. 12 (1) of IBBI (Liquidation Process) Regulations, 2016. iv) The Registry is directed to communicate this order to the Registrar of Companies, West Bengal and to the Insolvency and Bankruptcy Board of India (IBBI), New Delhi. v) The Order of Moratorium passed under Section 14 of the I&B....