2020 (9) TMI 995

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....tcy Code, 2016 (hereinafter referred as the "Code") for issuance of directions for liquidation of the Corporate Debtor, M/s. Beta Infratech Private Limited. 2. The facts in brief are that the Financial Creditor, Punjab National Bank, had filed an application under Section 7 of the Code bearing number IB-117(PB)/2019 for initiation of Corporate Insolvency Resolution Process (CIRP), against the Corporate Debtor. The said application was admitted by this Tribunal on 14.06.2019 initiating CIRP against the Corporate Debtor and there in, appointed Mr. S V Satyanarayana, as the Interim Resolution Professional (IRP). 3. Thereafter, in terms of Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corpo....

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....re also yet to finalise their partners. 7. However, in the fourth meeting of CoC, it was decided that the timeline for submission of expression of interest should be extended, consequently, an amended Form-G was published in the newspapers on 06.11.2019. 8. In response to the fresh EOI dated 06.11.2019, new EOI was received from Mr. Anuj Nautiyal, Bangalore while one out of the two earlier prospective Resolution Applicants, M/s. Aditya Birla ARC continued with its due diligence exercise. 9. Thus, with three valid EOIs on hand the last date for submission of Resolution Plan being 10.12.2019, CoC decided to seek extension of a further period of 90 days for the CIRP. Accordingly, an IA was filed before this AA by the RP praying for extensio....

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....ngement under Section 230 of the Companies Act, 2013. 13. The ex-management of the corporate debtor has raised objection with the contention that the offer made by the resolution applicant was more than the liquidation value and the object of the code is maximisation of the value of assets of the corporate debtor therefore the resolution plan should have been accepted instead of liquidating the corporate debtor. 14. In this regard, the minutes of the CoC shows that the resolution plan could not be approved by CoC with required majority votes. We do not find any infirmity in the reasoned decision of the CoC. In the absence of any approved/viable resolution plan, the Adjudicating Authority has no option but to pass order of liquidation on c....

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....Authority must give effect to it whatever may be the consequences. 18. In the factual background and in the absence of any approved resolution plan and for want of time beyond statutory CIRP period; there is no other alternative left but to order in conformity with the decision of the Committee of Creditors, for liquidation of the corporate debtor under Section 33 of the Code. 19. In the result the application is allowed by ordering liquidation of the corporate debtor, namely M/s. Beta Infratech Private Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 along with following directions: a. Mr. Sivanagaraja Taduvai with Registration No. IBBI/IPA-003/IP-N00065/2017-18/10551, is appoint....