2020 (11) TMI 515

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....e applicant in the application are as follows :- "(a) an order to liquidate the corporate debtor, Krishna Industrial Corporation Ltd. (KICL) under section 33(1) and (2) of the Insolvency and Bankruptcy Code, 2016 and/or (b) pass such other order as this hon'ble Tribunal may deem fit and necessary." 3. Originally C. P. No. 1053/(IB)/2018 filed under section 7 of the I and B Code, 2016 by the financial creditor, viz., Maximus Asset Reconstruction Co. Ltd., against the corporate debtor, viz., M/s. Krishna Industrial Corporation Ltd., was admitted by this authority vide order dated December 16, 2019 the CIR process was initiated against the corporate debtor and the applicant, namely, Mr. S. Rajendran was appointed as interim resolution....

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....verred that the last date for submission of "EoI" from the prospective resolution applicants was extended till February 24, 2020 vide publication dated February 15, 2020. It is also averred that the resolution professional, in spite of extending the last date for the submission of "EoI", no resolution plan as such has been received from the prospective resolution applicants. 8. It is evident in the averments as contained in the application that in the second meeting of the CoC held on March 5, 2020 the CoC discussed in detail the possibility of resolving through resolution, and considering the fact that the company was not in operation for the last two years and that the industry as such was not attracting new investors now due to the Gove....

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....audit as required under sections 43, 45, 50 and 66 of the IBC in respect of KICL at a remuneration of Rs. 1,50,000 plus GST." 10. Upon a query posed to learned counsel for the resolution professional whether he is willing to act as a liquidator, if appointed by this Authority, learned counsel for the resolution professional submitted that the resolution passed by the CoC as approving the resolution professional to act as liquidator and that the written consent has also been placed on record at page Nos. 66 and 67 of the typed set filed along with the application. Perusal of it shows that the resolution professional has given a written consent by the signed letter dated March 19, 2020 to act as a liquidator of the corporate debtor, if appoi....

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....rs of the corporate debtor particularly, in relation to preferential transactions/undervalued transactions and such other like transactions 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 ....