TaxTMI 
TaxTMI 
TaxTMI 
2020 (4) TMI 864
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....8, the applicant was continued as RP of Isolux. 3. It is stated that after approval of the eligibility criteria by the CoC, invitation for Expression of Interest in Form G was issued through advertisement in Financial Express (English) and Jansatta (Hindi) Editions dated 26-12-2018 with last date of submission as 31-1-2019. Since no Expression of Interest was received, the last date for Expression of Interest is stated to be extended to 20-2-2019 vide publication in two newspapers (supra) dated 30-1-2019. 4. Three Expressions of Interest were stated to be received. Since sufficient time for receipt and consideration of resolution plan was not available, application was filed under section 12 (2) and 12 (3) of the Code seeking extension of 90 days' period of the CIRP. The request was allowed by the Adjudicating Authority (AA) vide order dated 19-3-2019. 5. The last date for submission of resolution plan was initially given as 2-4-2019 and on the request of the proposed resolution applicants, the time for submission of the resolution plan was first extended by one month and thereafter by one month more. Therefore, as per the revised timeline, the last date for submission of re....
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....e corporate debtor is registered." 11. In the present case, the CIRP is stated to have expired on 8-7-2019 and no resolution plan under section 30 (6) of the Code was received by the AA before that date. In the instant application filed by the RP, it is stated that despite issue of invitation for Expression of Interest in Form G on 26-12-2018 with last date of submission as 31-1-2019 and extension of the last date to 20-2-2019, three Expressions of Interest were received. It is further stated that despite the last date of 2-4-2019 for submission of resolution plans and extension of the date twice to 3-6-2019, no resolution plan was received. No resolution plans are stated to be received even on 08-11-2019, when the 14th meeting of CoC was convened. Order is, therefore, being passed requiring Isolux to be liquidated in the manner as laid down in Chapter III of the Code and the directions for issue of public announcement stating that Isolux is in liquidation and requiring such orders to be sent to the authority with which Isolux is registered, are being issued. 12. Section 34 (1) of the Code states that where the AA passes an order for liquidation of the Corporate Debtor under sect....
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.... at Serial No. 3 of the panel to be appointed as Liquidator. 17. The Law Research Associate of this Tribunal has checked the credentials of Mr. Rajeev Bansal and there is nothing adverse against him. In view of the above, we appoint Mr. Rajeev Bansal, Registration No. IBBI/IPA-001/IP-P00226/2017-2018/10425, 2163A, Shri Nagar Colony, Jagadhri, Haryana - 135003, E-mail: [email protected], as the Liquidator. 18. Regulations 39B, 39C and 39D in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations, 2016) have been inserted by Notification No. IBBI/2019-20/GN/REG/048 dated 25-7-2019. These regulations are as follows:- "39B. Meeting liquidation cost. (1) While approving a resolution plan under sub-section (4) of section 30 or deciding to liquidate the corporate debtor under sub-section (2) of section 33, the committee may make a best estimate of the amount required to meet liquidation costs, in consultation with the resolution professional, in the event an order for liquidation is passed under section 33. (2) The committee shall make a best estimate of the value of the liquid assets available ....
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....ed for sale under clauses (e) and (f) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; and (c) the balance period of liquidation." 19. As regards Regulation 39B, the CoC did not approve any plan for providing contribution for meeting the difference between the excess of estimated liquidation costs over the liquid assets and was of the view that the estimated liquidation costs can be approved quarterly in the stakeholder consultation committee to be constituted as per Regulation 31A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Process Regulations, 2016). The CoC finally decided that corpus of Rs. 30.00 lacs (for expenses other than the Liquidator's fees) may be sanctioned initially which shall be contributed by all the members of the CoC in the ratio of their voting share in due compliance of Regulation 2A (2) of the Liquidation Process Regulations, 2016 and the subsequent contribution can be made quarterly as per estimated liquidation costs provided by the Liquidator. 20. Therefore, a plan under Regulation 39B (3) of the CIRP Regulations, 2016 has not been approv....