TaxTMI 
TaxTMI 
2021 (1) TMI 145
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.... ii) Appoint the Applicant herein as the "Company Liquidator" to carry out Liquidation Process for the Corporate Debtor" 2. In Section 9 application filed by the Operational Creditor against the Corporate Debtor viz., Ra-Ni Precast Private Limited, this Tribunal vide order dated 05.04.2019 initiated the Corporate Insolvency Resolution Process (CIRP) in relation to the Corporate Debtor and appointed the Applicant herein as Interim Resolution Professional (IRP). 3. It is averred in the application that pursuant to the Applicant being appointed as IRP, he caused Public Notice in Form-A on 13.04.2019 for submission of the claims by the stakeholders in the newspapers viz., BUSINESS STANDARD - English Editi....
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....mount receivables, details of fixed assets and preparation of accounts and valuations could not be undertaken and as such the Information Memorandum could not be prepared. The applicant submitted that due to the non-cooperation on the part of the erstwhile Directors of the Corporate Debtor, the applicant filed MA No.590/2019 before this Tribunal and this Tribunal vide its order dated 11.07.2019 directed the shareholders and the Managing Director to extend assistance and cooperation to the applicant by providing all relevant information of the Corporate Debtor including the Debtors Ledger, Books of Accounts, Financial details etc., However, it is stated that the shareholders have failed to comply with the said orders. 6. The a....
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.... to the Corporate Debtor came to an end on 01.10.2019 and as such the CoC has unanimously resolved to extend the CIRP for a further period of 150 days and accordingly the applicant herein has filed an application MA/ 1051/2019 before this Tribunal and this Tribunal vide order dated 03.10.2019 extended the CIRP in relation to the Corporate Debtor for a further period of 150 days with effect from 01.10.2019. 9. It is stated in the application that in the 5^th CoC Meeting held on 03.01.2020, the applicant discussed about filing of an application under section 424 of the Companies Act, 2013 seeking for protection of document from all major sundry debtors of the Corporate Debtor as a last resort to get the account reconciled. The ....
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....the CoC in its 6th meeting held on 27.02.2020. The applicant herein has also filed his written consent to act as Liquidator of the Corporate Debtor if he is being appointed by this Tribunal as the Liquidator of the Corporate Debtor and as such it has also been stated that no disciplinary proceedings is pending against the applicant by the IBBI or by any Insolvency Professional Agencies. The applicant has also placed on record the Authorisation For Assignment (AFA) issued by the Institute of Insolvency Professionals. 11. In so far as the Liquidation of the Corporate Debtor is concerned, from the facts narrated above, it is seen that this Tribunal vide order dated 04.03.2020 passed in IA/203/2020 has declined to extend the CIRP perio....
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.... 33(1)(b)(i) of IBC, 2016. 13. During the course of submissions, it was brought to the knowledge of this Tribunal that the promoters have submitted a Resolution plan and till such time the Resolution plan is considered this Tribunal should abstain from passing an order of Liquidation. However in the present case, it is to be noted that the 330 days period of CIRP has already expired and the CoC in its 6th meeting held on 27.02.2020 has unanimously resolved to liquidate the Corporate Debtor. Further, even during the Liquidation process, subject to Section 29A of the IBC, 2016 and as per Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016, a 90 day time period is provided to submit a Scheme as contemplated under S....
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....gistrar 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 governs 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 directed to proceed with the process of liquidation in a manner laid down in ....