TaxTMI 
TaxTMI 
2017 (9) TMI 1946
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....m as the Interim Resolution Professional with necessary directions. The first meeting of Committee of Creditors was held on 07.04.2017 and Mr. Krishan Vrind Jam was confirmed as the Resolution Professional. Mr. Krishan Vrind Jam has been holding the meetings of the Committee of Creditors on regular intervals and sending the progress reports to this Tribunal. The first meeting was held after constitution of the Committee of Creditors comprising of Union Bank of India, ICICI Bank, SIDBI and Fixed Deposit holders. The claims were submitted to the Resolution Professional by the creditors on the basis of public announcement made on 12.03.2017. The Resolution Professional held the meeting of Committee of Creditors on 07.04.2017, 24.04.2017, 24.07....
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....ssed with 78.49% in favour of the resolution for liquidation of the company by rejecting resolution plan presented by Mr. Naresh Aggarwal, representative of Mr. Ashish Mohan Gupta who was director of the company. Before that, the meeting was scheduled for 29.08.2017. Mr. Ashish Mohan Gupta was brought for attending meeting of committee of creditors on production warrants issued by this Tribunal as he was in custody since 08.04.2017 in an FIR. That order was passed by this Tribunal on 24.08.2017 as Adjudicating Authority and the meeting was attended by Mr. Ashish Mohan Gupta. The resolution plan which was presented by Mr. Ashish Mohan Gupta on 29.08.2017 was again pressed by his representative in the meeting of CCC on 04.09.2017. He also req....
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....onsider the resolution plan. 4. Under Regulation 39(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. a resolution plan ¡s to be prepared in accordance with the Code and the same is to be submitted to the Resolution Professional 30 days before expiry of the maximum period permitted under Section 12 of the Code for completion of the corporate insolvency process. The period of 180 days as provided under sub-section (1) of Section 12 of the Code from the date of admission of the application expired in this case on 05.09.2017 and admittedly no resolution plan was submitted before 30 days of the expiry of the said period. The learned counsel for the applicant, howev....
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.... corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. P' 6. Therefore, CA No. 138/2017 cannot be accepted and accordingly the same is dismissed. The order is passed ¡n accordance with Section 33 of the Code for liquidation of the Corporate Debtor by issuing public announcement stating that the Corporate Debtor is ¡n liquidation and to intimate the Registrar of Companies, Punjab and Chandigarh about this order. 7. Mr. Krishan Vrind Jam, Resolution Professional would act as 'Liquidator' for the purposes of liquidation as he is not disqualified under any of the clauses of sub-section (4) of Section 34 of the Code. The Liquidator shall publish ....
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....shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator: (iii) The order for liquidation under Section 33 of the Code shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the liquidator; (iv) All the 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; and (v) The personnel of the Corporate Debtor shall extend all assistance and cooperation to the l....