TaxTMI 
TaxTMI 
2021 (9) TMI 683
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....itted the petition bearing CP (IB) No. 187/7/HDB/2019 under Section 7 of the Code initiating Corporate Insolvency Resolution Process (CIRP) of the Company. Shri Rajesh Chillale, the Applicant herein is appointed as Resolution Professional. This Tribunal granted 90 days extension of CIRP period with effect from 20.08.2020. 3. During the period of CIRP, two resolution plans were received by the Applicant, which were placed before the CoC. After due deliberations, the same were rejected by the CoC in the 11th CoC meeting held on 17.11.2020 as the plans were not commercially viable and the CoC with 81% voted in favour of liquidation of the Company and further the CoC with 100% votes resolved for appointing the Applicant herein, the RP as Liqui....
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....iation of second leg of CIRP by this Adjudicating Authority vide order dated 13.11.2019. The Learned Counsel further pointed out that there were certain lackadaisical approach for the preservation of plant during CIRF that resulted in substantial damage to the plant. 7. The main objection raised by the Learned Counsel is that the CoC took an arbitrary decision in rejecting the resolution plans only on the ground of expiry of 270 days CIRP period contradicting the order of Hon'ble Supreme Court in Suo Moto writ No. 3/2020 wherein extension of limitation was granted. 8. We heard the Applicant in the matter. The Hon'ble Apex Court in K. Sashidhar vs. Indian Overseas Bank and Ors. (2019) 148 LA 497 (SC) inter-alia held that, "The Ad....
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....the following directions:- (a) The Corporate Debtor i.e. M/s. Ind-Barath Power Gencom Limited shall be liquidated in the manner laid down in Chapter-III of the Code. (b) The Applicant Mr. Rajesh Chillale, presently RP of M/s. Ind-Barath Power Gencom Limited is appointed as Liquidator. (c) He shall issue public announcement stating that the Corporate Debtor is in liquidation. (d) The Moratorium declared under Section 14 of the code shall cease to operate here from. (e) Subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor. This shall however not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultati....