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2021 (8) TMI 208
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....ng an order of Liquidation in the matter of Lakshmi Energy & Foods Limited. 2. CP (IB) No. 73/Chd/CHD/2018 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by "ICICI Bank Limited" to initiate Corporate Insolvency Resolution Process (in short 'CIRP') against Lakshmi Energy & Foods Limited was admitted on 03.09.2019 and Mr. Ravinder Aggarwal was appointed as Interim Resolution Professional. Subsequently, vide order dated 27.02.2020, IRP was replaced and Mr. Kuldip Kumar Bassi (Applicant) was appointed as Resolution Professional. 3. The facts of the case, briefly stated, are that Form G inviting Expression of Interest was published in the newspaper on 10.03.2020 and the last date to submit Expression of Interest ....
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....in the time period permitted, the Resolution Professional filed IA No. 949/2020 under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 for passing an order of liquidation. 7. The Hon'ble NCLAT, in Praveen Kumar Nand Kumar Vs. VSL Securities Pvt. Ltd. in CA No. 1/2020 in CA No. 308/2000, dated 09.06.2020, observed as under:- "Likewise, the decision of the COC recommending liquidation of the corporate debtor after proper evaluation of the assets and liabilities of corporate debtor with no Resolution Plan forthcoming would be a business decision falling within the domain of commercial wisdom of the COC which is not amenable to judicial review." 8. We have carefully considered the submissions made in the application ....
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....y a period of 90 days w.e.f. 01.03.2020, but as per Notification No. IBBI/2020-21/GN/REG059 dated 20.04.2020, the period of Lockdown is excluded for the purpose of calculating the timelines in CIR Process. Hence, after excluding the lockdown period w.e.f. 23.03.2020 to 31.07.2020, the CIRP was expired on 07.10.2020 and the present application is filed on 11.12.2020. 11. Appointment of Liquidator - Section 34(1) of the Code provides that where the Adjudicating Authority passes an order for liquidation of the corporate debtor under Section 33, the resolution professional appointed for the corporate insolvency resolution process shall, subject to submission of written consent, act as the Liquidator for the purpose of liquidation. Mr. Kuldip....
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....ch proportion to the value of liquidation estate assets as may be specified by the Board. Regulation 4 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 provide for Liquidator's fee. Regulation 4(2) thereof states that the Liquidator shall be entitled to such fee and in such manner as has been provided therein. 16. Pending applications, if any, and its effect - The learned counsel for applicant has stated that an Application bearing IA No. 226/2020 under Section 19(2) of the Code for seeking cooperation from Directors of the corporate debtor and an another application for seeking assistance of local administration in taking physical possession of the plant of the corporate debtor is pending before th....
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.... assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 of the Code shall apply in relation to liquidation process as they apply in relation to CIR process with the substitution of references to the Interim Resolution Professional for references to the Liquidator. (vi) That the Liquidator shall publish public announcement in accordance with Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 and in Form B of Schedule II of these Regulations within five days from receipt of this order calling upon the stake holders to submit their claims as on liquidation commencement date and provide the last date for submission of claim which....