TaxTMI 
TaxTMI 
2019 (7) TMI 1852
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....les, 2016, seeking orders for liquidating the Corporate Debtor M/s. Southern Online Bio Technologies Limited and further to appoint the Resolution Professional/ Applicant herein to act as Liquidator. 2. The averments made in the Application in brief are as follows: a) This Tribunal vide order dated 05.10.2018 admitted the Petition filed under Section 7 of IBC, 2016 by Bank of India / Financial Creditor and Corporate Insolvency Resolution Process (CIRP) started against Corporate Debtor M/s Southern Online Bio Technologies Limited. Ms. G. Kalpana, the Applicant herein was appointed as Interim Resolution Professional. b) Pursuant to the above order and as per provisions contained in Section 13, 15 of IBC, 2016 R/w Regulation ....
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....n taken in the 3(tm) CoC meeting held on 08.01.2019 and notified about_the extension in "Sakshi" and "Business Line" on 09.01.2019. f) It is averred that in the third meeting of COC held on 08.01.2019, the members of the COC resolved to extend the period for inviting expression of interest till 21%t January, 2019 and directed the Applicant to issue publication in Form-G. The Applicant accordingly issued publication in Form-G_ (Invitation ~ for Expression of Interest) in the newspapers on 09.01.2019 and the last date for submission of Resolution Plan was 15.02.2019, for which the Resolution Professional received only one Expression of Interest which was placed before the CoC and last date to submit the Resolution Plan was 15.02.2019....
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....Creditors held on 21^st May, 2019 and discussed about the i. M/s Shiresha Technologies Private Limited for the whole company ii. M/s Santhoshimathaa Edible Oils Refinery Private Limited for the whole company iii. M/s Hargun Agro Industries Private Limited for the Nalgonda division of the Company k) The Applicant stated she placed all the three plans before the Committee of Creditors for evaluation as per Evaluation Matrix criteria and COC after scrutinizing the Resolution Plans as per Section 30 of the Insolvency and Bankruptcy Code, 2016 and Regulations 37 & 38 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 decided to negotiate with the....
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....olution Professional extended the timeline of E Voting till 5.00 PM of 29" June, 2019. The e-Voting details are as follows: S. No. Member of the COC Voting % For Approval of Resolution Plan For Liquidation 1 BOI 47% Yes 2 SBI 31% Yes 3 UCO 19% Yes 4 PNB 3% Yes Total 100% o) Since 69% of voting share of CoC voted in favour of liquidation, as per the instructions of CoC, the Applicant herein moved this Application under Section 33 (2), seeking orders for liquidating the Corporate Debtor Company. It is further averred that 270 days CIRP period came to an end on 01.07.2019. 3. Heard Coun....
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....ection (6) of section 30; or (b) rejects the resolution plan under section 31 for the noncompliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid 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. 7. As Per Section 33(1) (a) of the Code if the Resolution Plan is not received under Section 30(6) with in CIRP period, the Tribunal has no other option but to pass a liquidation order. The Resolution Professional has not filed any ~ Resolution Plan before this ....
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....ss given in IBBI (Liquidation Process) Regulations, 2016. 12. All powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the Liquidator. 13. The Liquidator is directed to issue Public Announcement stating that the Corporate Debtor is liquidation, in terms of Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016. 14. The Order of Moratorium passed under Section 14 of the Code shall cease to have its effect. 15. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33(7) of the Code. 16. Since Liquidation order has been ....