2020 (2) TMI 1561

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.... with Rule 4 of the Insolvency and Bankruptcy Code (Application to Adjudicating Authority) Rules, 2016 for initiation of corporate insolvency resolution process as against the Corporate Debtor/BRG Iron and Steel Co. Private Limited. That application was admitted vide order dated 5th March, 2019, by appointing Mr. Kannan Tiruvengadam as the IRP. Later, as per the approval of the Committee of Creditors the Interim Resolution Professional Mr. Kannan Tiruvengadam was appointed as the Resolution Professional and he continued with the process. However, failed in getting approval of any resolution plan by the Committee of Creditors and filed the Final Progress Report on 30/01/2020 recommending for passing an order for liquidation. 2. The Resoluti....

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....al thought of calling meeting of the Committee of Creditors by issuing 48 Hours notice as per Regulation 19(2) of the CIRP Regulations, 2016. At the request of the Resolution Professional, members of the Committee of Creditors ratified the act of Resolution Professional in calling the urgent meeting by giving shorter notice of 48 Hours. 4. The representative of the Resolution applicant was heard in 14th CoC meeting held on 15th January, 2020 and the modification suggested of the Resolution applicant also discussed at length and after hearing from the representative of Resolution applicant as well as from the process advisor, members of the Committee of Creditors finally decided to vote on the revised plan submitted by the prospective Resol....

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....ications require no consideration. It is also significant to note that 330 days of CIRP period, been expired on 29/01/2020. Therefore, all these applications can be disposed of with a liberty to submits their respective claim to the liquidator appointed in the case in hand. With the above said observations, all these applications are to be disposed of. 7. In view of the legal position and the circumstances that no resolution plan is forthcoming to resolve the stressed assets of the Corporate Debtor there is no other alternative than to pass an order of liquidation requiring the Corporate Debtor to be liquidated in the manner as laid down in Chapter 3 read with Section 33(1)(a) of the Code. Mr.Kannan Tiruvengadam has given written consent t....