2020 (9) TMI 652

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....(the Code) seeking orders for liquidation of the Corporate Debtor. 2. The NCLT, Mumbai vide order dated 20.09.2019 admitted the Petition (CP (IB) No. 990/MB/2019) under Section 7 of the Code initiating Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor and appointed the present Applicant as the Interim Resolution Professional (IRP). The IRP constituted Committee of Creditors (CoC) consisting of two members - 1) Yes Bank Limited (Yes Bank) with 79.29% vote share; and 2) Jammu & Kashmir Bank Limited (J&K Bank) with 20.71% vote share. The CoC in its meeting appointed the IRP as Resolution Professional (RP) of the Corporate Debtor. 3. It is submitted that two valuers and transaction auditor were appointed by the Applic....

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.... the view that one more EoI needs to be sought. However, other member of CoC, Yes Bank was of the opinion that liquidation of Corporate Debtor is the best option for the following reasons. i) The Company is not a going concern; ii) There is no viability or feasibility of revival of the Company; iii) There are no assets in the Company (except balance with CoC members) which can generate future earning; and iv) Recurrent cost of CIRP. 6. J&K Bank with 20.71% vote share voted for the extension of period of CIRP. The Yes Bank however could not vote on the agenda on account of their internal issues of the appointment of an Administrator for the Bank. They could not decide on the said agenda as they did not ....

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....he application be and the same is allowed with the following directions. a) The Corporate Debtor i.e. M/s PAN India Utilities Distribution Company Limited shall be liquidated in the manner as laid down in Chapter-III of the Code. b) The present Applicant Mr Hemant Mehta, presently RP of the PAN India Utilities Distribution Company Limited is appointed as the Liquidator. c) He shall issue public announcement stating that Corporate Debtor is in liquidation. d) The Moratorium declared under Section 14 of the IBC 2016 shall cease to operate here from. e) Subject to section 52 of the IBC 2016 no suit or other legal proceedings shall be instituted by or against the Corporate Debtor. This shall however not apply to legal proceedings....