2021 (6) TMI 787

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....orporate Debtor, Forever Entertainment Private Limited (hereinafter called as the "Corporate Debtor"). Summary of Reliefs and Extension sought by IA 2749 of 2019: a. Pass appropriate directions thereby effecting liquidation of the assets of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016; and/or b. Pass necessary direction to the applicant thereby relieving and discharging him from all functions and duties as RP, provided under the code. c. Pass necessary directions, as may be deemed fit by this Hon'ble Tribunal to the applicant until the order of liquidation is passed by this Hon'ble Tribunal. d. The RP may kindly be appointed as the Liquidator in respect of the ....

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....However, immediately after the fourth COC meeting, the RA conveyed to the RP that they have withdrawn from this CIRP and that they would not be interested in submitting resolution plans. Main reasons for their withdrawal are as under. i. The RAs are not in a position to estimate this cost because certain risks are future risks and they are completely unknown. ii. Directors of the corporate debtor (CD) have not maintained books of accounts at all and there are no audited balance sheets. Future litigations are unknown. iii. Only partially constructed building is owned by the CD. Land doesn't belong to the CD. No resolution plan can be submitted for just the building. iv. Litigations created by the secur....

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....f Meeting of 5th COC meeting is as below: "The CoC RESOLVED to not seek extension of CIRP. The CoC RESOLVED to propose that RP be appointed as Liquidator as per the provisions of the Code." 6. Further Resolution Professional submitted that Unpaid CIRP cost from January 21, 2019 till date is Rs. 60 Lakh which includes the fees of IRP as well RP along with other professionals, security, public announcements, valuer fees, COC meeting expenses, legal cost, and dewatering and maintenance work carried out at the premises of the corporate debtor. 7. As discussed above though initially some of the prospective Resolution Applicants shown interest, however, the same could not fructify and no formal Resolution Plan is in the hands of Co....