2021 (7) TMI 872

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....No. 106/9/AMR/2019) under Section 9 of the Code initiating Corporate Insolvency Resolution Process (CIRP) of the Company and appointed the present Applicant as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) and its first meeting was conducted on 09.10.2019. The CoC in its first meeting appointed the IRP as the Resolution Professional (RP) of the Corporate Debtor Company. Due to non-cooperation from the erstwhile Directors of the Corporate Debtor, the Applicant sent several mails to the erstwhile Directors regarding present status of assets and liabilities of the CD. Subsequently filed an Application before this Hon'ble Adjudicating Authority for issue of direction to CD to cooperate with RP....

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....tion for withdrawal was kept in abeyance, as the CD has not settled the amount outstanding to Financial Creditor and CIRP process was further continued. Now the CD offered to make an OTS for Rs. 8 crores for which he requested 90 days' time, the CoC agreed to allow time to CD for OTS in 6th meeting and also directed to file an IA before Adjudicating Authority for extension of CIRP period for further period of 90 days excluding lock down period from 17.07.2020. The Adjudicating Authority vide order dated 09.09.2020 further extended the CIRP period. Subsequently, the CD failed in meeting his commitment, the 7th CoC Meeting was convened on 13.10.2020, wherein after comprehensive deliberations, at the request of the CD, to allow another 2 d....

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....ossible steps as required under the Code taken during the CIRP, the CoC did not receive any viable resolution plan/proposal for revival of the Company. The CoC in its wisdom has resolved with 100% voting share in favour of the liquidation of the Company. This Authority has no reason before it to take a contrary view in terms of Section 33(1)(a) of the Code. Therefore, it has no option than to pass an order for liquidation of the Company in the manner laid down in Chapter III of the Code. Hence ordered. ORDER The application be and the same is allowed on contest. The Application is accordingly allowed with the following directions. a) The Corporate Debtor i.e. M/s. ISR Infra Private Limited shall be liquidated in the manner as laid dow....