TaxTMI 
TaxTMI 
TaxTMI 
2021 (10) TMI 764
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....I & B Code, 2016. 2. Brief facts as stated by the counsel for the Applicant are as follows:- a. That M/s. Axis Bank Limited (Financial Creditor) filed CP(IB) No. 20/7/HDB/2019 against M/s. Lanco Solar Private Limited (Corporate Debtor) under Section 7 of the IB Code and vide order dated 17.05.2019, this Adjudicating Authority admitted the said Application and Mr. Huzefa Fakhri Sitabkhan was appointed as the Interim Resolution Professional. In the 1st CoC meeting, held on 28.06.2019, the Applicant herein was confirmed as Resolution Professional. b. That on 29.07.2019, the RP published an invitation for expression of interest, inter alia, calling upon the prospective Resolution Applicants to submit their expression of interest, duly fixi....
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....mission of the Resolution Plan, i.e., November 30, 2019. Thereafter, during the course of the CIRP and pursuant to the various CoC meetings, majority of the CoC members were of the considered opinion that it is in the interest of all the stakeholders, to proceed with the liquidation of the Corporate Debtor as no entity/investor is likely to submit any resolution plan for the Corporate Debtor. It was felt that reissuance of invitation of expression of interest as per Regulation 36A of the CIRP Regulations, would only result in delaying the process of liquidation of the assets of the Corporate Debtor, which would further lead to deterioration in the value of assets and increase in the CIRP costs. h. In the circumstances, in the 10th CoC mee....
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.... of the Corporate Debtor for the period of 1 year amounting to Rs. 3.83 Crore and the contribution plan of the said estimated net liquidation cost by the CoC members in the ratio of their claims admitted in the CIRP in terms of Regulation 39B of the CIRP Regulations." j. That in terms of Regulation 39C and on taking into account the nature and status of the assets of the Corporate Debtor, the members of CoC recommended by 92.07% voting that the assets or group of assets of the Corporate Debtor be sold as a going concern/slump sale basis or on an individual basis rather than selling the Corporate Debtor only as a going concern, during the liquidation process of the Corporate Debtor. Accordingly, the following resolution has been incorporat....
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.... (6) of Section 30 of the I & B Code, 2016, this Adjudicating Authority deems it proper to allow the Application bearing MA No. 676/2020 as prayed for. Accordingly, in exercise of powers conferred under Sub-Clauses (i), (ii) and (iii) of Clause (b) of Sub-Section (1) of Section 33 of the I & B Code, 2016, we proceed to pass Order as follows:-- (i) This Adjudicating Authority hereby order for Liquidation of M/s. Lanco Solar Private Limited which shall be conducted in the manner as laid down in Chapter III of part II of the I & B Code, 2016; (ii) This Adjudicating Authority hereby appoint Mr. Huzefa Fakhri Sitabkhan, as proposed by CoC. He is directed to file his consent to act as Liquidator in the present case along with valid Authorisat....
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....ndia (Liquidation Process) Regulations, 2016. (viii) The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Company Liquidator as may be required by him in managing the affairs of the Corporate Debtor. (ix) The Liquidator shall keep in view the provisions of Regulation 32A of Insolvency and Bankruptcy Board Of India (Liquidation Process) Regulations, 2016 and shall endeavour to first sell the Corporate Debtor or its business as going concern. However, if he is unable to sell the Corporate Debtor or its business within 90 days from liquidation commencement date, Liquidator shall proceed to sell the assets of the Corporate Debtor under clauses (a) to (d) of Regulation 32 of Insolvency and Bankruptcy Board ....