TaxTMI 
TaxTMI 
2020 (9) TMI 891
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....hat the Corporate Insolvency Resolution Process (hereinafter called as "CIRP") of the Corporate Debtor was initiated and the Applicant herein was appointed as IRP on 23.07.2019. Pursuant to the same, the Applicant caused paper publication one in Business Standard (English) and other in Daily Thanthi (Tamil) on 30.07.2019, by fixing the last date for filing the claim as 05.08.2019. It is averred that, thereafter, the Applicant constituted the CoC with the Financial Creditor, who initiated the CIRP as against the Corporate Debtor as the sole member of the CoC and conducted the first meeting of the CoC on 19.08.2019. 2. It is averred in the application that after the completion of the 1st CoC meeting the Applicant, after receiving an undert....
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.... published in Form G in two newspapers one in New Today and the other in Malai Sudar on 08.10.2019. It is submitted that during the intermittent period, pursuant to Regulation 12(2) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Bank of Baroda (erstwhile Vijaya Bank) vide an email dated 14.10.2019 had submitted their claim to the Applicant along with the necessary proof. Subsequent to the clarification sought by the Applicant, the claim of the Bank of Baroda was fully admitted by the Applicant. 5. On the basis of the publication of the Expression of Interest, the erstwhile Director of the Corporate Debtor had sent an email dated 21.10.2019 stating that they are interested in taking over the Compa....
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....ber 2019. As no concrete document evincing interest to submit a Resolution Plan was forthcoming till 28.12.2019, the Applicant convened the 4th CoC meeting on 04.01.2020, wherein the representative of the erstwhile Managing Director has submitted a single page letter under the head "Resolution Plan" to the CoC. Further, the Applicant requested the erstwhile Director to submit the additional documents, in support of the Resolution Plan by 12.01.2020 before 6:00 PM, failing which, it was informed that the CoC will decide on merits. 8. It was submitted that the 5th CoC meeting was held on 13.01.2020 to decide whether to extend the time for completion of the CIRP or to approve the Liquidation of the Corporate Debtor as the Applicant has not ....
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....o on the future course of action to be taken and as such the CoC was unwilling to consider the Resolution Plan and extend the time limit for completion of the CIRP and based on its commercial wisdom has decided to liquidate the Corporate Debtor and thus by taking into consideration the provisions of Section 33 of IBC, 2016 and in the absence of any opposition to the Application from the Promoters/Directors of the Corporate Debtor and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan -Vs- Indian Overseas Bank this Tribunal orders for the liquidation of the Corporate Debtor. 11. The Learned Authorized Representative appearing on behalf of the Applicant has submitted that the CoC has passed a re....
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....ssary intimation to the Income Tax Department. In relation to other fiscal and regulatory authorities which governs the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation. f) The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. g) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016. h) The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions o....