TaxTMI 
TaxTMI 
TaxTMI 
2020 (10) TMI 542
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....iation of Corporate Insolvency Resolution Process under Section 7 of the Code and an admission order was passed by this Adjudicating Authority on 23.05.2017, wherein moratorium was declared under Section 14 of the Code and appointed the Applicant Mr. Nitin Hasmukhlal Parikh as Interim Resolution Professional. 3. The Applicant has stated that first meeting of CoC was held on 20.06.2017 wherein the Applicant was appointed as the Resolution Professional. 4. The second CoC meeting was held on 16.08.2017 wherein the Promoters of the Corporate Debtor Company submitted the resolution plan for consideration of the Committee of Creditors. 5. It is submitted that since the period of 180 days getting over on 19th November, 2017 the application was made to this Adjudicating Authority requesting extension of time. This Adjudicating Authority granted extension of 30 days only vide its order dated 16.11.2017. The Applicant filed an application before NCLAT against the order of this Adjudicating Authority of 16.11.2017 and NCLAT was pleased to modify the order and extended the period upto 90 days for the resolution process. 6. At CoC meeting held on 01.12.2018 it was unanimously decided to inv....
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....eir investigations and doing the needful at their end. 10. Having gone through the papers submitted by the RP and the arguments of the learned Lawyer of the RP, I am of the view that present application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 for liquidation of the Corporate Debtor, Bhatia Global Trading limited and resolution passed by the CoC with a voting percentage of 100% needs to be passed. Hence, the Corporate Debtor is ordered to be liquidated. 11. Consequently, the RP Shri Nitin Hasmukhlal Parikh, Reg. No. IBBI/IPA- 002/IP-N00058/2017-18/10110 as per the resolution of CoC and written icon sent, is appointed as the Liquidator as provided under Section 34(1) of the Code. 12. As envisaged under Section 34(2) of Insolvency and Bankruptcy Code, 2016 on the appointment of a Liquidator under this section, all powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor as the case may be, shall cease to have effect and shall be vested with the Liquidator. 13. The personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of ....
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....te liquidation process as envisaged under Chapter-III of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016 by following the liquidation process given in Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016. Harihar Prakash Chaturvedi, Member (J) While agreeing with the conclusion of the present IA seeking Liquidation of the Corporate Debtor Company, as per Section 33 and 34 of the I & B Code, I would like to submit express my reason and observation separately as under:- As per record, the present IA, i.e., IA No. 89 of 2018 in CP (IB) No. 18/7/NCLT/AHM/2017, was filed before this Bench on 6th March, 2018.This Adjudicating Authority passed an admission order in the main IB Petition, CP (IB) No. 18/7/NCLT/AHM/2017, on 23.05.2017 and, thereafter, the Moratorium was declared under Section 14 of the Code by appointing Mr. Nitin Hasmukhlal Parikh, as IRP, later on he was further confirmed, by the CoC, to act as RP to conduct and complete the CIRP in respect of the Corporate Debtor Company. As per material available on record, during the period of CIRP, the learned RP has invited claims from creditors by making publication and f....
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....bout claim and to update the list of claim and to place it before the CoC for its proper consideration. In case the RP feels some procedural difficulty or hardship in respect of admissibility of such claim, then the RP is expected to consult with the CoC or he can move with an application before this Adjudicating Authority seeking appropriate direction. Since this Adjudicating Authority and CoC are assigned supervisory role over the function of the RP as per decision of the Hon'ble Supreme Court in the matter of Swiss Ribbon vs. Union of India &Ors.), it is legally settled that the RP has been vested with no such adjudicator povier to reject any claim in fact it can register/collate the claim and update the list of claim including the disputed claim. Since this issue is not the subject matter of the present LA, we do not express our view on its merits of such claim. It is further settled legal position that the Liquidator is to be appointed in riespect of the corporate debtor company by this Adjudicating Authority, under the provision of the I & B Code. Since one of the claimants, viz., Vitol S.A, has raised objection that its claim has been; rejected arbitrarily and not cons....