TaxTMI 
TaxTMI 
2020 (10) TMI 166
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....his Hon'ble Adjudicating Authority may be pleased to pass appropriate orders that the Corporate Debtor i.e. M/s. Everwin Textile Mills Private Limited to be liquidated in the manner as laid-down under the Code. b. In term of Section 33/34(1) of the Code to pass an order that existing Resolution Professional shall act as the Liquidator of the Corporate Debtor for the purpose of liquidation of the Corporate Debtor; c. For such other and further reliefs as the nature and circumstances of the case may require. 3. CP/422/(IB)/2018 filed under Section 7 of the I&B Code, 2016 by the Financial Creditor namely Punjab National Bank against the Corporate Debtor viz., M/s. Everwin Textile Mills Private Limited, was admitted by this Authority v....
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....essional, he appointed two Registered Valuers to ascertain the fair value and liquidation value of the assets of the Corporate Debtor and after obtaining approval from the CoC, the Resolution Professional prepared an Information Memorandum (IB) in accordance with provisions of Section 29 of the I&B Code, 2016. 8. It is stated that the Resolution Professional had invited for 'Expression of Interest' ('Eol') as per Section 25(2)(h) of the I&B Code, 2016 vide newspaper publication dated 04.02.2019, one in English and another in vernacular for submission of the Resolution Plans from the prospective Resolution Applicants by mentioning the last date for submitting the Resolution Plan, as 19.02.2019. Pursuant to the said publicati....
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.... Since the Appeal filed by the PNB was pending before the Hon'ble NCLAT, the Resolution Plan submitted by the Promoters' Resolution Applicant was not considered by the CoC, and therefore, the Resolution Professional filed an Application for extension of CIR Process period as per the amended provisions of Section 12 of the I&B Code, 2016, and this Authority has extended the time period of CIR Process by another 90 daysw.e.f. 16.08.2019as per the amended provisions of Section 12 of the I&B Code, 2016, vide its Order dated 24.09.2019. 12. In the meanwhile, the Appeal filed by the PNB was rejected by the Hon'ble NCLAT vide its order in Comp. App.(AT) (Ins) No. 646/2019 dated 30.08.2019 and upheld the Order passed by the NCLT and ma....
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....ion Plan submitted by the Promoters-Resolution Applicant provides short tenure i.e. on or before 31.03.2020 for the entire payment to be made to PNB, whereas in relation to EARC, the payment to be made in tranches over a long period of time i.e. upto March, 2023. The EARC is ready to consider the Resolution Plan subject to removal of differential treatment given in the Resolution Plan. It is further stated that irrespective of these factors the other CoC members namely PNB who hold 52.48% of voting rights has already rejected the Plan, and in these circumstances, even if EARC who holds 47.52% gives assent, the Resolution Plan will not get minimum voting of 66% for approval of Plan as mandated under the I&B Code, 2016. However, EARC still wa....
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....eas Bank & Ors. in Civil Appeal No. 10673 of 2018 is perforce required to order for liquidation. 17. Upon a query posed to the Resolution Professional whether he is willing to act as a Liquidator, if appointed by this Authority, the Resolution Professional submitted that he is willing to act as Liquidator and the written consent has also been placed on record along with the Application. A perusal of it shows that the Resolution Professional has given a written consent by the signed letter dated 14.11.2019 to act as a Liquidator of the Corporate Debtor, if appointed by this Authority. In the circumstances, J. Manivannan is appointed as the Liquidator in relation to the Liquidation proceedings ordered hereby of the Corporate Debtor which is ....
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....ansactions including fraudulent preferences. d) The Registry is directed to communicate this order to the Registrar of Companies, Chennai and to the Insolvency and Bankruptcy Board of India; e) In terms of Section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relation to other fiscal and regulatory authorities which govern 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 directe....