TaxTMI 
TaxTMI 
2019 (9) TMI 1435
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....d on 16.2.2019, it will be incumbent of this Tribunal as an adjudicating authority to take note of the happenings during the CIRP of the CD. From the Application, it is evident that the CIRP commenced on 2.5.2018 based on a Petition moved by the CD itself under Section 10 of IBC. Based on the proposal made by the CD itself, one Mr. Arun Chadha was appointed as the Interim Resolution Professional (IRP). Publication in relation to calling for the claims of creditors seems to have been effected on 25.5.2018 and the CoC was constituted by the IRP on 11.6.2018 and the first CoC meeting was held on 26.2.2018. In view of the non-confirmation of the IRP to continue as RP in the first meeting of CoC and that in the second CoC meeting held on 1.8.2018, the RP who has moved to present Application namely, Mr. S.K.Mathur was proposed and the proposal was passed with the necessary voting share in the meeting held on 17.8.2018 which prompted the CoC to move the Application before this Tribunal in CA.230/C-III/ND/201 which was also ordered by this Tribunal on 5.9.2018. 3. Subsequent to his appointment, the RP it is averred had appointed valuers on 15.9.2018. In the fourth meeting of CoC held on....
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....D itself. At the end of the Application, Lr. RP has also expressed that in view of no disqualification suffered by him for appointment as a liquidator and the consent dated 15.2.2019 to act as the liquidator, has also been furnished he is willing to act as such if permitted. 5. Submissions of the Ld. Counsel for the RP in support of the Application were heard in detail. Minutes of the respective meetings of the CoC have been annexed along with typed set with application. 6. From the minutes of the first CoC meeting held on 22.6.2018, it is seen that the CoC was for constituted with two Financial Creditors namely, Bank of Baroda with 59.77% voting share and Standard Chartered Bank having voting share of 40.23%. Further, it is also seen from the minutes of the said meeting that the CoC had authorized IRP to appoint and negotiate fee of the Forensic Auditor/Transaction Auditor. IRP's fee as prescribed seems to have been discussed dissented with 100% voting share by the CoC and in the circumstances, the appointment of the RP was kept open. 7. In the second meeting held on 1.8.2018, CoC seems to have been reconstituted by inclusion of India Bulls Housing Finance Ltd. with a....
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....C had been confronted with the resolution applicants and the resolution plans consequent to the issue of EoI and its receipt as stated in paragraph supra that while one of the resolution applicants had withdrawn from the process, the resolution plan of the other was rejected by the CoC in its meeting held on 12.2.2019, the reasons for the refusal of the resolution plan have also been given, which is reflected in the minutes of the CoC meeting held on 11.2.2019, which are to the following effect: i) The Resolution Plan of the Designers Point (India) Pvt. Ltd. (DPIPL) was found much below the liquidation value of the Corporate Debtor. ii) The amount offered is comparatively lower than the offered amount by the other Resolution Applicant. iii) On evaluation the Resolution Plan of DPIPL scored lower marks in quantitative and qualitative aspects, as per the evaluation matrix approved by the CoC. Thus, it is evident that the manner in which the CIRP has been conducted and as reflected in the minutes of the CoC in relation to the meetings held from time to time, the CoC alongwith the RP has acted diligently with a view to resolve the insolvency of the CD and ....
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....tions. At the same time, it will not detract this Tribunal from initiating the process of liquidation of the CD, as these Applications can survive even after the order of liquidation, as may be passed by this Tribunal and as envisaged under the provisions of IBC. In the circumstances, all the above pending Applications shall survive this order of liquidation and continue to be proceeded with by this Tribunal and the liquidator named herein will be required to diligently proceed with these Applications in order to attain finality and conclusion. In relation to the financial affairs of the CD, it is seen that as against the total claim which the CD is required to meet and admitted in a sum of Rs. 38,59,98,147.08, which includes claims of FCs, Operational Creditors (other than workman and employees), statutory dues and in relation to dues of workmen and employees, the assets which are available being the liquidation value even as reflected in the Application is to the tune of only Rs. 10.71 crore, not satisfying 1/5th of the claims and in the circumstances the resolution of the insolvency of the CD is virtually remote based on the financial figures as made available before this Tribun....