2019 (3) TMI 1777

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....Code, 2016, with a prayer for allowing the application and initiation of liquidation process of the Corporate Debtor by considering the decision taken by the Committee of Creditors of Respondent/Corporate Debtor in its 4th meeting dated November 15, 2018, and also prayed for passing such orders and issuing further direction, incidental and ancillary to the orders under Section 33(2), as maybe necessary for the discharge of the Application Resolution Professional and appointment of Liquidator, etc. 2. Brief facts of the case as mentioned in this application are as follows: (a) C.P No.235/2017(T.P No.88/2017) was originally filed before the Hon'ble High Court of Karnataka, u/ss 433(e) & 433(f), r/w Sections 434 & 439 of the Co....

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....was decided to change the IRP. Subsequently in the 2nd meeting of the CoC dated August 21, 2018, the IRP was changed to the present Applicant, Shri Shivadutt Bannanje. The change was approved by the Tribunal vide order dated September 11, 2018 and concurrently the aforementioned order extended the CIRP period by further 90 days. (e) The Applicant in the capacity of Resolution Professional has appointed two Registered Valuers under Regulation 27 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for determining the fair value and liquidation value of the Corporate Debtor in accordance with Regulation 35 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. It is submitted that ....

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....1, 2018. The last date stated to receive resolution plans was 13thNovember, 2018. He has also informed the Committee that he has neither received Expression of Interest nor Resolution Plan for the revival of the Corporate Debtor within due date. (h) Subsequently, at the 4th meeting, the CoC members discussed the issue, and felt that no tangible benefits would result in this case in view of the following: i. In spite of giving advertisements in newspapers, no Expression of Interest/Resolution Plans were received. ii. The Company is not operational and there are no employees in the Company. (i) Consequently, the CoC came to the conclusion that it was unlikely any resolution plans would be received in respec....

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....eard Shri Shivadutt Bannanje, learned Resolution Professional and perused the application and documents placed on record evidencing that he has not received any resolution plan. Learned Resolution Professional has also given consent to act as Liquidator has appearing in Pages 55 to 59 attached to the I.A No. 382 of 2018, and he has also competent to swear the present Affidavit dated 15th November, 2018 to act as liquidator in accordance with Section 34(1) of the I&B Code, 2016 and Regulation 3 of IBBI (Liquidation Process) Regulations, 2016. The CoC in its meeting dated 15th November, 2018 has proposed the Applicant as a liquidator and agreed to the initiation of liquidation process under Section 33 of the I&B Code. 5. Therefore, the Adj....