2021 (3) TMI 994

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... his Counsel seeking order of the liquidation and appointment of liquidator under Section 33 and 34 of the Insolvency & Bankruptcy Code with such prayer, to pass an order for the liquidation of the Corporate Debtor Company i.e. Varanasi Auto Sales Limited. 2.   The Adjudicating Authority vide its order dated 26.04.2018 based on a petition filed by the Corporate Applicant under Section 10 of the Code, initiated the CIRP in respect of Corporate Debtor Company  and appointed  Mr. Hemant Sharma as  IRP who was later replaced by Mr. Yogesh Gupta by COC on 30.05.2018 which was affirmed by this Tribunal vide order dated 07.06.2018. 3.   It is further stated that subsequently, the Resolution Professiona....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nbsp; Professional is arbitrary and contrary to the provisions of law. It is further stated that the procedure to submit the Resolution Plan arises only after the Information Memorandum is shared with the Resolution Applicant and the Resolution Plan is made on the basis of Information Memorandum provided by the Resolution Professional. It is also submitted that section 29 of the IB   Code, 2016   stipulates   the   Preparation  of  Information Memorandum has all the information required by the Resolution Applicant to make the Resolution Plan for the Corporate Debtor. Therefore, in the present case no Information Memorandum was shared with Mr. Amit Gupta hence, he could not submit any Resolut....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ized  by the  Hon'ble  Apex Court, there is no impediment for passing the order. 9.   Upon hearing the submissions made b   the parties and going through the contents of the present Liquidation application and pursuing the  documents annexed therewith, this Adjudicating Authority.is of the view that the liquidation order can be passed in respect of Corporate Debtor i.e. Varanasi Auto Sales Limited, as no resolution  plan  has  been  received  by any of the  Resolution applicant and the Members of the COC with 89.18%  are also in favour for liquidation of the Company and further RP has complied with the provision laid down under Insolvency and Bankruptcy Code. ....