TaxTMI 
TaxTMI 
2021 (3) TMI 461
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....onference today. 2. This is an application filed by the Resolution Professional (RP) seeking liquidation of the corporate debtor, viz., Amrit Feeds Limited, (CIN: U15339WB1994PLC064082) on the ground that no Resolution Plan was received. 3. This Adjudicating Authority vide its order dated 22.10.2019 on a Petition filed by Huvepharma Sea (Pune) Private Limited (operational creditor) under section 9 of the Insolvency and Bankruptcy Code, 2016 ('the Code') directed initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor and appointed the Applicant herein as the Interim Resolution Professional. 4. In terms of section 15 of the Code, on 26.1.2020 the IRP made public announcement in Form 'A' in 'Fina....
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....to 136. 8. No EoI was received by the RP in response to the publications made. Therefore, in the third CoC meeting held on 14.01.2020, the CoC decided to republish the Form G. Accordingly, on 17.01.2020, the RP republished the Form G fixing the last date for receipt of EoI as 16.02.2020. Copies of CoC meeting and said republication of Form G are annexed to the application and marked as Annexure-9 at pages 137 to 148 and Annexure-10 at pages 149-151, respectively. 9. In the fifth CoC meeting held on 24.02.2020, the RP informed the CoC that one EoI was received from Anmol Feeds Private Limited and that upon verification of the documents received from the prospective Resolution Applicant, it was declared eligible; the last date for submi....
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....rectors of the Corporate Debtor, the applications filed before the Adjudicating Authority in that regard and the progress thereof. The RP apprised the CoC of the same even in the tenth CoC meeting held on 25.08.2020. The said meeting was adjourned to 28.08.2020. 13. In the said meetings held on 25.08.2020 and 28.08.2020, the CoC decided against applying for extension of CIRP period and decided to go ahead with the liquidator. Punjab National Bank, one of the members of the CoC proposed the name of Mr. Avishek Gupta to be appointed as the liquidator of the Corporate Debtor. This was put to vote and as per the request from the CoC, the e-voting lines were to be open from 15.09.2020 to 16.09.2020. However, on 08.09.2020 the Punjab National ....
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....he Adjudicating Authority to pass an order for liquidation of the Corporate Debtor where the resolution professional, at any time during the CIRP but before confirmation of the resolution plan, intimates the Adjudicating authority of the decision of the CoC approved by not less than sixty-six percent of the voting share, to liquidate the Corporate Debtor. In the present case, the CoC has resolved by 93.21% voting share to liquidate the Corporate Debtor. 19. So far as the question of appointment of the proposed professional as the liquidator is concerned, Punjab National Bank indeed comprises majority of the CoC with 63.76% voting share. However, we do not see how the decision of appointment of the said professional can be swayed by the s....
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....nt of a Liquidator in an application filed under section 33 of the Code is this, that the RP shall be appointed as the liquidator unless replaced by the Adjudicating Authority under section 34(4), subject to his/her consent to act as such liquidator. 22. In the present case, the RP wanted to continue as the liquidator. This fact finds its support first from the Resolution No.1 under Agenda Item No. 2 of the twelfth CoC meeting for appointment of the RP as the Liquidator which was voted against by 93.21% votes of the members of the CoC.1 Resolution No. 2 which was for the appointment of Mr. Pratim Bayal as the Liquidator was approved by 93.21% votes. Second, from the submission made by the Ld. Counsel appearing for the Applicant during th....
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....nferred by section 34(4)(c) of the Code, this Adjudicating Authority hereby appoints Mr. Sunil Mohan Acharya (Regn. No. IBBI/IPA-003/IP-N000174/2018-2019/12120, email: [email protected] as the liquidator of the Corporate Debtor. c. The Liquidator shall initiate liquidation process as envisaged under Chapter- III of the Code and the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. d. Public Notice shall be issued in the same newspapers in which advertisements were issued earlier, i.e., in 'Financial Express' (English) and 'Ekdin' (Bengali) of Kolkata edition of the said newspapers stating that the corporate debtor is in liquidation. e. All the powers of the Board of Direct....