2021 (11) TMI 789

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....ncy and Bankruptcy Code, 2016 (hereinafter referred to as "Code") for liquidation of the Corporate Debtor. 2. This Adjudicating Authority, vide order dated 03.02.2021, had admitted the application filed by M/s. Dipal Chemical Industries under Section 9 of Code for initiation of Corporate Insolvency Resolution Process ('CIRP') of the Corporate Debtor and appointed Mr. Darshan Bharatbhai Patel as the Interim Resolution Professional (TRP'). Thereafter, Mr. Darshan Bharatbhai Patel was confirmed as Resolution Professional ('RP') in the 1st COC meeting held on 09.03.2021. 3. It is evident from the record that in compliances of Section 21 of Code read with Rule 6 & 8 of Insolvency and Bankruptcy Board of India (Insolvency Re....

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....orporate 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. (2) where the resolution professional at any time during the corporate insolvency resolution process but before confirmation of resolution plan intimates the adjudicatin....

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....ve days from this Order, this Adjudicating Authority appoints Applicant/Resolution Professional Mr. Darshan Bharatbhai Patel (Registration No. IBBIIIPA-001/IP-P01579/2018-19/12442) as a liquidator of the Corporate Debtor i.e. M/s. Padmavati Intermediates Pvt. Ltd. who shall complete the liquidation process as per the provision of Code read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016. 3) It is noted that the no resolution is passed by CoC under Regulation 39B and 39C of CIRP Regulations, the liquidator is therefore directed to take necessary action in accordance with relevant regulations of the IBBI (Liquidation Process) Regulations, 2016. 4) As per Section 33(5) of the Code and subject to Section....

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....gulation 12 of the CIRP (Liquidation Process) Regulations, 2016 and in Form B of Schedule II of these Regulations within five days from receipt of this order calling upon the stakeholders to submit their claims as on liquidation commencement date and provide the last date for submission of claim which shall be 30 days from the liquidation commencement date. 10) The announcement shall be published in accordance with Regulation 12(3) of the CIRP (Liquidation Process) Regulation, 2016. 11) That in accordance with Regulation 13 of the CIRP (Liquidation Process) Regulations, 2016, the Liquidator shall file preliminary report within 75 days and also file regular progress reports as per Regulation 15. 12) It is seen that IA No. 295/2021 and ....