TaxTMI 
TaxTMI 
2019 (11) TMI 1691
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....n was filed by Oriental Bank of Commerce (Petitioner/ Financial Creditor) U/ s. 7 of the IBC, 2016 R/w Rule 4 of 186B (AAA) Rules, 2016, by inter alia seeking to initiate CIRP in respect of M/s. IDEB Projects Pvt. Ltd., (Respondent/ Corporate Debtor) on ground that it has committed default for an amount of Rs. 36,18,52,994/- After considering the issue, the Adjudicating Authority has admitted the Company Petition vide order dated 29.03.2019, by initiating CIRP in respect of the Respondent/ Corporate Debtor, appointing Shri Velayudham Jayavel as IRP, imposing moratorium etc.. Subsequently, he was confirmed as Resolution Professional by the Committee of Creditors in its meeting held on 13.05.2019. (2) In pursuant to the admission of the case, Committee of Creditors (COC) of the Corporate Debtor were constituted consisting of the following financial creditors: i. State Bank of India; ii. Oriental Bank of Commerce; iii. ICICI Bank Limited; and iv. L & T Infrastructure Finance Company Limited The first meeting of the COC was held on 29.04.2019. The suspended Board Directors of the Corporate Debtor had preferred an appeal against the ....
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....f the COC was held on 08.08.2019. In view of the fact that no eligible EOI was received in pursuance of the Form G published on 16.05.2019 and in the interest of finding a resolution for the Corporate Debtor the COC extended the last date of receipt of EOI to 19.08.2019. (5) It is submitted that Mr. Bedi filed another Writ Petition before the Hon'ble High Court of Karnataka vide Writ Petition No.35567/2019 against OBC and SBI. In the said Writ Petition, Mr. Bedi sought for: i. Quashing of the letters issued by OBC and SBI declaring him as a wilful defaulter; ii. A declaration that Mr. Bedi is not a wilful defaulter; and iii. An interim prayer for stay of the operation of the aforesaid letters. Accordingly, the Hon'ble High Court of Karnataka while ordering notice on 23.08.2019, permitted Mr. Bedi(Resolution Applicant) to submit his proposal to the Resolution Professional in view of the fact that Section 29A (b) of the Insolvency and Bankruptcy Code, 2016, prima facie appears to be prospective in nature." (6) It is submitted that the sixth meeting of the COC was held on 30.08.2019. At this meeting, the Applicant informed ....
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....f all the stakeholders to liquidate the Corporate Debtor. (8) Since the efforts of the RP could not get viable Resolution Plan to comply with the statutory provisions of the Code, the 8th meeting of the COC, in its final meeting held on 23.09.2019, has inter-alia decided to liquidate the Corporate Debtor, as per the provisions of Section 33(2) of the IBC, with 92.63% voting in favour. OBC dissented and also decided not to seek any further action. The 180 days available to the CIR Process is expiring on 25.09.2019. 3. Heard Shri Velayudham Jayawel, learned Resolution Professional along with Shri Pinar Mehta, learned Counsel for the Resolution Professional and Shri Francis Xavier, learned Counsel for the Respondent No.3/CoC and Shri D.M.Dora, learned Counsel for the Petitioner/ Financial Creditor and Shri S.R.Tejas, the learned Counsel for the State Bank of India and Shri Ajesh Kumar Shankar, learned Counsel for the Suspended MD of the Corporate Debtor in I.A.Nos.535 and 536 of 2019 and Ms. Anuparna Bordocoi, learned Counsel for the Respondent/CoC. We have carefully perused the pleadings of the parties and extant provisions of the Code and the rules made there....
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....me granted under the provisions of the Code is available up to 25.09.2019. Therefore, the instant Application is filed on 24.09.2019 seeking to pass an Order for liquidating the Company U/s. 33(1) of the Code, the Resolution for the same was approved by 8th COC held on 23.09.2019, consisting of representatives of State Bank of India, ICICI Bank Limited and L&T Infrastructure Finance Company Limited with 92.63% voting in favour, while OBC dissented. The COC has also further resolved to appoint Mr. Velayudham Jayavel, Resolution Professional to act as Liquidator in respect of the Corporate Debtor, who has also filed written consent in Form AA dated 23.09.2019, by inter-alia declaring that he has registered with the Board as an insolvency professional; he is not subject to any disciplinary proceedings initiated by the Board or the Insolvency Professional Agency; he do not suffer from any disability to act as a Liquidator; he is eligible to be appointed as liquidator of the Corporate Debtor under regulation 3 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and other applicable provisions of the Code and regulations etc. Therefore, he ....