TaxTMI 
TaxTMI 
2019 (5) TMI 1755
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....the applicant, viz., resolution professional. 2. The prayers made by the resolution professional in the application are as follows : (a) Pass an order under section 33 to liquidate the corporate debtor under the provisions of the Code, and (b) Pass any other or such order as this Tribunal may deem fit and proper in the facts and circumstances of the present case. 3. Originally, the Indian Bank had filed C. P. No. 472/(IB)/CB/2017 under section 7 of the I and B Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. BKR Hotels and Resorts P. Ltd. (corporate debtor) initiate the corporate insolvency resolution process (CIRP) declare a moratorium and to appoint an in....
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....r resolution plans including the resolution applicant, viz., M/s. Poppy's Knitwear P. Ltd. 7. One of the prospective resolution applicants, viz., Mr. G. Ramesh, vide his mail dated January 4, 2019 requested the resolution professional to extend time for submitting the resolution plan and EMD amount, till January 15, 2019. Accordingly, in the sixth CoC meeting held on January 7, 2019 the time period for submission of resolution plan along with EMD by Mr. G. Ramesh was extended till January 18, 2019. 8. In the seventh meeting held on January 23, 2019 the CoC, after deliberations, rejected the resolution plans submitted by Mr. P. R. Ramakrishna Raja and Mr. G. Ramesh for want of compliance with the provisions of the I and B Code, 2016. ....
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.... if the balance amount of the settlement is not remitted within the stipulated time in the settlement sanction, the initial amount of Rs. 7 crores would stand forfeited, and in the event the settlement offer is not accepted, the amount will be returned. The CoC has further informed the suspended director that the option under section 33(1)(a) would be exercised if the proposed settlement, in the matter stipulated above, does not fructify. 11. In the interregnum, on February 8, 2019 the resolution professional has filed an application under section 12(2) of the I and B Code, 2016 for extension of the time period of CIR process for further period of 60 days, after the approval of the CoC and this Authority vide order dated March 15, 2019 ext....
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....tor. 15. As a result, the CoC vide electronic voting conducted between February 22, 2019 10.30 a.m. and February 23, 2019 10.30 a.m., decided to liquidate the business of the corporate debtor with a vote of 95.90 per cent. The resolution passed by the CoC is as follows : "Resolved that pursuant to the provision of section 33(1)(a), in the absence of any viable resolution plan in respect of M/s. BKR Hotels and Resorts P. Ltd., that the corporate debtor be recommended for liquidation in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 Further resolved, that the resolution professional be directed to file necessary applications, as prescribed under the Code and Regulations thereunder, to give effect to the resolu....
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....ement stating therein that the corporate debtor is in liquidation ; (III) The moratorium declared under section 14 of the I and B Code, 2016, shall cease to have effect from the date of the order of liquidation ; (IV) Subject to section 52 of the I and B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the corporate debtor. However, a suit and other legal proceedings may be instituted by the liquidator, on behalf of the corporate debtor, with the prior approval of this Authority. (V) This Authority makes it clear that paragraph (IV) hereinabove shall not apply to legal proceedings in relation to such transactions as noti fied by the Central Government in consultation with any financial sector regulator ....