TaxTMI 
TaxTMI 
2021 (10) TMI 766
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....s 2016 for initiating Liquidation Process against the Gourmet Renaissance Private Limited (Corporate Debtor). 2. The facts leading to the Application are as under. a. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by this Bench vide order dated 11.03.2019 upon admission of a Petition under Section 9 of the Code and Mr. Naren Sheth was appointed as the Interim Resolution Professional (erstwhile IRP). b. The erstwhile IRP made a public announcement on 12.03.2019 inviting claims from the creditors of the Corporate Debtor. After receipt of the claims, the erstwhile IRP constituted the Committee of Creditors (CoC) of the Corporate Debtor. c. The erstwhile IRP conducted the 1st m....
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....ia in the 7th CoC meeting held on 18.12.2019. h. The applicant submitted that valuers and transaction auditor were appointed by the Applicant with the approval of CoC and appointment letters are annexed to the Application. i. The applicant submitted that he received a letter from the PRA for extension of time for submission of Resolution Plan. Therefore, in 8th CoC meeting held on 04.02.2020 decided to provide the time for submission of Resolution Plan till 11.02.2020 and in case plan not received within extended period then the Application for Liquidation will be processed. j. The Applicant filed an application in IA No. 581 of 2020 for exclusion of time period from the CIRP period. The same was allowed by this B....
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....idator may first explore the sale of Corporate Debtor as going concern. Resolution 2: Resolved That Pursuant to Section 34 of the Insolvency and Bankruptcy Code, 2016 as no consent has been given by existing resolution professional to act as a liquidator, the Committee of Creditors hereby recommends Ms. Vaishali Arun Patrikar having Registration No. IBBI/IPA/-002/IP-N00812/2019-2020/12566 to act as Liquidator of the Corporate Debtor. xxxxx Resolution 5: RESOLVED FURTHER THAT an Insolvency Professional proposed to be appointed as a Liquidator shall charge such fees for the conduct of the liquidation proceedings and in such proportion to the value of the liquidation estate assets, as may be specifi....
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....n 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. (2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors 1 [approved by not less than sixty-six per cent, of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) a....
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....ness of the corporate debtor is continued during the liquidation process by the Liquidator." 8. From the above, it would appear that despite all possible steps as required under the Code taken during the CIRP, the CoC did not receive any viable resolution plan/proposal for revival of the Company. The CoC in its wisdom has resolved with 99.78% voting share in favour of the liquidation of the Company. The Applicant RP has not given his consent to act as Liquidator. The CoC members recommends Ms. Vaishali Arun Patrikar to act as Liquidator of the Corporate Debtor. This Authority has no reason before it to take a contrary view in terms of Section 33(1)(a) of the Code. Therefore, it has no option than to pass an order for liquidation of the C....