2021 (10) TMI 767

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....ional creditor, Syndicate Steel Traders had filed an application bearing No. IB 2690(ND)/2019 under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process against the corporate debtor. The said application was admitted by this tribunal vide order dated 06.01.2020 and Mr. Pankaj Kumar Singhal appointed as Interim Resolution Professional (IRP). 3. The RP submits that in compliance of Section 15 of the I & B Code read with Regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016, made Public Announcement in Financial Express (English Edition) and Jansatta (Hindi Edition) on 11.01.2020. 4. The 3rd meeting of the CoC was held on 17.08.2020 wherein, IRP Mr. Pankaj Singhal was repla....

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.... Corporate Persons) Regulations, 2016, prescribe relaxations with respect to the CIRP timelines under the IBC and the rules/regulations framed thereunder, in view of the difficulties being faced due to the outbreak of the COVID-19 pandemic. The said regulation is reproduced below: "40C. Special provision relating to time-line: Notwithstanding the timelines contained in these regulations, but subject to the provisions in the Code, the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process." Therefore, the revised date for CIRP expir....

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....ency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the noncompliance of the requirements specified therein, it shall-- (i) pass an 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." 7. The RP submits that in the 8th meeting of the CoC held on 16.06.2021, CoC with 85.68% voting share passe....

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.... Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 along with the following directions: a. Mr. Aishwarya Mohan Gahrana, Resolution Professional of the corporate debtor having IBBI registration number IBB I/IP A-002/IP-N00135/2017-18/10351 has consented to act as the liquidator of the corporate debtor and who is be and hereby appointed as liquidator of the corporate debtor. Written Consent of Mr. Aishwarya Mohan Gahrana, Resolution Professional of the corporate debtor under section 34 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, signifying his intention to act as the liquidator of the corporate debtor is annexed. b. It is directed to issue Public Announcement stating that the corpo....