2021 (1) TMI 807

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....cy and Bankruptcy Code, 2016. 2. The IRP was appointed who constituted Committee of Creditor (COC) and also made public announcement. The Committee of Creditors (COC) was informed about the condition of the plant and machinery and also of other assets of the Corporate Debtor. It was also informed to Committee of Creditors (COC) that the operations of the Corporate Debtor were not in a position at all to restart. It was also confirmed by the Suspended Board of Management in view of operation being closed for long period and machinery getting corroded. Accordingly, Committee of Creditors (COC) in its first meeting dated 5th September, 2019 decided to go for liquidation of the Corporate Debtor. 3. The Learned Counsel Mr. L. M. Patel for the ....

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.... locus. Apart from this fact, it is noted that the admission of Corporate Debtor into Corporate Insolvency Resolution Process had been challenged before the Hon'ble NCLAT and Hon'ble NCLAT vide its order dated 22.05.2020 upheld the order of Adjudicating Authority. Before passing final order, Hon'ble NCLAT vide its interim order dated 17.10.2019 had directed the IRP to ensure that company remains going concern. From the records, it is evident that no progress report has been filed after 12.12.2019. This Authority vide order dated 22.01.2020 in IA No. 681 of 2019 had directed the RP to verify the fact from its record and appraise this Authority as regard to the status of the Corporate Debtor as going concern. This Adjudicating Aut....

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....n accordance with the provisions of section 33(2) of the Insolvency and Bankruptcy Code (Amendment Act), 2019. An appropriate application be made immediately to Adjudicating Authority for liquidations of the Corporate Debtor. Committee of Creditors (COC) desired confirmation of Mr. Shyam Sundar Rathi to act as a liquidator in the event of liquidation gets approved by the Hon'ble NCLT at a following fee: Liqudators fee Amount of realization First 6 months from the date of NCLT order Next 6 month Net Realization 3% 2% Net realization would mean that sale proceeds of the asset less the Insolvency Resolution Process cost (for e/g IRP Fee, RP fee, Valuers' fee, transaction auditor fee, security agencies fee, various OPE incu....