2021 (8) TMI 105

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....tional creditor, M/s. SRS Limited had filed an application bearing No. IB 114(ND)/2018 under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process against the corporate debtor. The said application was admitted by this tribunal vide order dated 13.03.2019 and Ms. Shalu Khanna appointed as Interim Resolution Professional (IRP). 3. The RP submits that pursuant to the order of the appointment and after taking charge of the Corporate Debtor, the IRP conducted 1st meeting of COC on 29.04.2019, wherein the IRP placed report on Constitution of Committee including the list of creditors, claims received, admitted and rejected in furtherance to the Public Announcement dated 04.04.2019 before the COC. In the said meeting, th....

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....the RP that they were appointed only for the sake of name and have no information about the accounts, financial affairs, business operations etc. of the Corporate Debtor. Further, informed the RP that they were working under the instructions of certain employees of SRS Group. f. There are no employees in the Corporate Debtor. g. There are no funds in the Corporate Debtor. h. No office of the Corporate Debtor was found at the registered address of the Corporate Debtor. i. There is no stock or inventory of jewellery available with the Corporate Debtor. The inventory only consists of unlisted shares of companies of SRS Group or the companies managed and run by SRS Group. j. The Corporate Debtor is in strict violation of various compl....

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....ed to liquidate the Corporate Debtor as per the provisions of Insolvency and Bankruptcy code, 2016 and IBBI (Liquidation process) Regulations, 2016. RESOLVED FURTHER THAT Ms. Shalu Khanna, erstwhile Resolution Professional be and is hereby appointed as the Liquidator of the Company at a fees of Rs. 3,00,000/- (i.e. Rs. 50,000 p.m. (inc GST) estimated for a period of 6 months) or fee calculated as per Regulation 4 of IBBI (Liquidation Process) Regulations, 2019 whichever is higher. RESOLVED FURTHER THAT Ms. Shalu Khanna be and is hereby authorized to do all such acts and deeds as may be required in relation to give effect to the above resolution. RESOLVED THAT pursuant to the amendments made IBBI (liquidation Process) Regulations, 2016....

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....id down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered." 9. This Tribunal in the circumstances taking into consideration the provisions of law as well as on facts on record to order for liquidation of the corporate debtor and in the circumstances the corporate debtor stands liquidated and the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter-III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 along with the following directions....