TaxTMI 
TaxTMI 
2021 (4) TMI 523
X X X X Extracts X X X X
X X X X Extracts X X X X
....l i/b ABH Law LLP in MA 350 of 2018. ORDER Per : V. Nallasenapathy, Member ( Technical ) 1. The Application in MA No. 227 of 2018 is filed by the Resolution Professional of the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (the Code) seeking orders for liquidation of the Corporate Debtor. 2. The Application in MA No. 350 of 2018 is filed by the Employees of the Corporate Debtor praying for the following reliefs: a. That this Hon'ble Bench be pleased to allow the Applicants to intervene and be heard in the captioned matter and in Miscellaneous Application being M.A. No. 227 of 2018 filed by the Resolution Professional in the captioned petition; b. That this Hon'ble Bench be pl....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nfraprojects Limited to render full support and cooperation to the Resolution Professional / Liquidator and the Committee of Creditors to enable them to sell the business of the Corporate Debtor i.e. Unity Infraprojects Limited as a going concern during the liquidation process; g. That pending the hearing and final disposal of this application, this Hon'ble Bench be pleased to order and direct that the services of all presently serving officers / employees / workers / workmen of the Corporate Debtor i.e. Unity Infraprojects Limited shall not be discharged or terminated under Section 33 (7) of the Code in view of the potential of the Corporate Debtor i.e. Unity Infraprojects Limited being sold as a going concern during the liquidati....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sell the business of the Corporate Debtor i.e. Unity Infraprojects Limited as a going concern during the liquidation process; l. That ad-interim and interim reliefs in terms of prayers (g) to (k); m. That costs be granted for this application; n. That this Hon'ble Bench be pleased to pass any further orders/directions as it may deem fit in the facts and circumstances of the instant case. 3. Since both the Application are filed for the interconnected reliefs, both are considered together. 4. This Bench by an order dated 20.06.2017 admitted the Petition (CP (IB) No. 1058/MB/2017) under Section 10 of the Code, initiating Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor and appointed Mr Aru....
X X X X Extracts X X X X
X X X X Extracts X X X X
....% of voting share the fees payable to the RP on his appointment as liquidator of Corporate Debtor. 9. This Tribunal on 19.12.2018 passed an order in MA No. 227 of 2018, making following observations and directions: "... 15. In the present case, the RP received fourth resolution plan from the resolution applicant on 27.02.2018 to which he refused to consider vide his e-mail dated 05.03.2018 stating that it "is unsolicited and all timelines given for submission have expired" and that "there is very insignificant increase in the amount now offered vis a vis the plan of 20th February 2018". It is noted that the last date of the extended Moratorium was 16.03.2018 and the resolution plan was submitted on 27.02.2018, i.e. more than 15 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... revised resolution plan submitted by the resolution applicant that was rejected by the RP. ... 18. Considering the facts and circumstances of the case, statutory developments and the Judgement of the Hon'ble Supreme Court referred above, we hereby direct the RP to put before the COC, the last resolution plan so submitted by the resolution applicant within three days from the date of receipt of this order and after that the COC shall take a formal decision, on merits of the resolution plan, either accepting or rejecting the resolution plan and the COC shall give its reason in writing either for rejection or approval of the plan, as the case maybe, within ten days from the date when the plan is put before it." 10. The Ap....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rtherance thereof. Orders were passed in IA No. 94 of 2021 permitting the Applicant therein to access the details. The RP was also directed to provide the required information. However, on 23.03.2021 the Applicant (Mantena Constructions Pvt Ltd) submitted that upon verification of the information made available, it was no longer interested in submitting a Resolution Plan. Thereafter, orders in MA No. 227 of 2018 & MA No. 350 of 2018 were reserved and are being passed today. Hence ordered. ORDER A. The Application MA No. 227 of 2018 be and the same is allowed. The Corporate Debtor, Unity Infraprojects Limited, shall be liquidated in the manner as laid down in Chapter-III of the Code with the following directions: a) Mr Alok Ka....