TaxTMI 
TaxTMI 
2020 (12) TMI 492
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....nkruptcy Code, 2016 (hereinafter referred as the "Code") for issuance of directions for liquidation of the corporate debtor,Sungil India Private Limited. 2. The facts in brief are that the an application for Corporate Insolvency Resolution Process was preferred by Vaiva Metals and Alloys PrivateLimited, herein the Operational Creditor in the matter of Sungil India Private Limited, herein the Corporate Debtor, under Section 9 of the IBC on account of default. The Adjudicating Authority vide order dated 01.06.2018 admitted the said application and appointed Mr. Rajesh Kumar Parakh as the Interim Resolution Professional. 3. The IRP issued a Public Announcement dated 26.06.2018 under Regulation 6 of IBBI Regulations and invited claims from th....
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....l Debt under Section 5(8)(a)." The Adjudicating Authority observed that "The money advanced by the respondent Nos. 3 to 11 since is not in pursuance of any loan agreement/ document but merely a letter by lender for advance to the Corporate Debtor, it is important to consider that whether the sum advanced can fall under the category of deposit/loan to the Corporate Debtor which is governed by Section 73 to 76 of the Companies Act, 2013 or whether money advanced is not deposit but an unsecured loan/ short term loan to the Corporate Debtor based on the agreement between the parties which is supported by a letter and correspondences between the Corporate Debtor and Respondents Nos.3 to 11, fixing the rate of interest, to be paid thereon. The ....
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....ven by all respondents no.3-11 which leads us to consider these transactions as Extortionate Credit transaction." 6. The Adjudicating Authority while allowing C.A 184/2018 in IB 492(ND)/2018 declared that Respondents no. 3-11 do not fall under the category of Financial Creditors but may be considered as unsecured creditors who may avail other remedies to recover their debt. Further it was ordered that the COC meetings held on 13.08.18(as corrected vide order 29.07.2019), 29.08.18, 12.09.18 and 29.09.18 are non-est and resolutions passed if any therein such meetings stands nullified. 7. In consequence to the Application filed by Shinhan Bank, who was declared as the sole Financial Creditor vide order dated 09.07.2019, Shinhan Bank filed a....
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....consider exclusion but granted extension of 90 days to complete the CIRP and find a successful Resolution Applicant. However in the 5thCoC meeting held on 29.01.2020 it was resolved that in the light of present situation of the Corporate Debtor where there is no registered office, no operations going on in the Company/factory premise of the Corporate Debtor, no employees, workers, Directors working, the Corporate Debtor is completely shut down and it would be feasible and viable to liquidate the Corporate Debtor under Section 33(2) of the IBC, 2016 in the interest of various stakeholders of the Corporate Debtor. 9. The Resolution Professional represents that valuation report as required to be obtained under the provisions of IBC, 2016 in r....
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....The Registry is directed to communicate this Order to the Registrar of Companies, NCT of Delhi & Haryana and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly in relation to other fiscal and regulatory authorities which governs the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation; e. 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; f. This order is deemed to be a notice of dischar....