2021 (8) TMI 269

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....aw Tribunal Rules, 2016. 2. From the averments made by the applicant, it is evident that the corporate insolvency resolution process (hereinafter called as "CIRP") of the corporate debtor was initiated by this Tribunal vide order dated June 7, 2019 passed in I. B. A. No. 243 of 2019 and subsequently the applicant herein was appointed as IRP on the same day. Pursuant to this, the applicant had caused paper publication one in The Hindu (English) Chennai, Thanjavur and Cuddalore edition and other in Dinamalar (Tamil) circulating in Chennai, Thanjavur and Cuddalore on June 10, 2019 by fixing the last date for filing the claim as June 21, 2019. It is averred that, in the first meeting of the CoC held on July 6, 2019 the present IRP was appointe....

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....ion value for the land and building is arrived at Rs. 183,19,65,909. 5. The applicant has averred that the expression of interest, duly approved by the CoC, was published in form G in two newspapers on June 3, 2020. Pursuant to regulation 12(2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, M/s. Kals Distilleries P. Ltd., has submitted their claim to the applicant along with the necessary proof. The applicant requested the resolution applicant to submit the additional documents, in support of the resolution plan by August 10, 2020 failing which, it was informed that the CoC will decide on merits. In the 23rd CoC meeting convened on November 30, 2020 the claim of the ....

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....liquidator of the corporate debtor. 9. This Adjudicating Authority granted exclusion and extension of the CIRP period. However, it is placed that no viable resolution plan was voted at the CoC. Hence, this Adjudicating Authority has left with no option but to order liquidation. Taking into consideration, the written consent dated January 6, 2021 of the applicant IRP to act as a liquidator filed on January 28, 2021 we hereby appoint Mr. Ramakrishnan Sadasivan, having IBBI Regn. No. IBBI/IPA/001/IPP00108/2017-18/10215 is appointed as the liquidator of the corporate debtor to carry out the liquidation process subject to the following terms of the directions : (a) The liquidator shall strictly act in accordance with the provisions of the IBC....