TaxTMI 
TaxTMI 
2020 (9) TMI 512
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.... Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (the Code) seeking orders for approval of Resolution Plan submitted by M/s Ravi Developments. 2. This Adjudicating Authority vide order dated 24.07.2017 admitted the Petition (CP (IB) No. 1061/MB/2017) under Section 7 of the Code initiating Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The Applicant who was appointed as IRP was confirmed as resolution professional by the COC. 3. It is submitted that this Tribunal by an order dated 24.01.2018 extended the CIRP period by 90 days. Further this Bench by an order dated 18.04.2018 given exclusion of a period of 38 days where as the RP claimed 55 days extension. On an appeal against this order Hon'ble NC....
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....) of the Code for restraining MHADA from taking over the possession of the land till the completion of CIRP, contending that recovery of possession of land by MHADA was in derogation of moratorium under Section 14 of the Code. This application was dismissed by this Tribunal on 02/04/2018 and the appeal preferred by the Applicant before the Hon'ble NCLAT was also dismissed. Against the dismissal of appeal by Hon'ble NCLAT, Civil Appeal No. 12248/2018 was preferred before the Hon'ble Supreme Court, wherein the Hon'ble Supreme Court on 19.02.2020 passed the following order. "We allow the appeal and set aside the impugned order of NCLAT. Considering that this matter has been pending for some time, we direct the NCLT to disp....
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.... b) is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 (10 of1949); c) at the time of submission of the resolution plan has an account, or an account of a corporate debtor under the management or control of such person or of whom such person is a promoter, classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 (10 of 1949) 3jor the guidelines of a financial sector regulator issued under any other law for the time being in force, and at least a period of one year has lapsed from the date of such classification till the date of commencement of the corporate insolve....
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....l (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. (2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors 1[approved by not less than sixty-six per cent. of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub....
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.... except when the business of the corporate debtor is continued during the liquidation process by the Liquidator." 15. In view of the above and there being no other resolution Applicant and also considering the fact that the CIRP has already ended, this Bench, left with Hobson's choice, orders liquidation of the Corporate Debtor as provided under Section 33 (1) (b) (i) of the Code. 16. The Applicant Resolution Professional has given his consent to act as Liquidator. 17. Mr. Janak Dwarkadas, Ld. Senior Counsel appearing on behalf of MHADA submitted that, in case liquidation order is passed against the Corporate debtor, the Liquidator appointed may be directed to inform MHADA whether the Liquidator is going to include the land provide....