TaxTMI 
TaxTMI 
TaxTMI 
2021 (11) TMI 790
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....Resolution Professional in the matter of M/s. Propyl Packaging Limited seeking the following reliefs: - (a) Pass an order liquidating the Corporate Debtor under Section 33(1) of IBC, 2016; (b) Appoint the Resolution Professional Mr.George Varkey, having IP registration Number IBBI/IPA-001/IP-P00433/2017-2018/10756 as the Liquidator of the Corporate Debtor under Section 34 of the Insolvency and Bankruptcy Code, 2016; The facts in brief are as under: - 2. This Tribunal vide order dated 17.02.2020 in IBA/52/KOB/2019 admitted the application filed by M/s. Prayag Polytech Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor, ....
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....under Section 12(2) of the Insolvency and Bankruptcy Code, 2016. This Tribunal vide order dated 18.02.2021 in IA(IBC)/50/KOB/2021 granted extension of further 90 days to complete the CIRP and permitted the Applicant to complete the CIRP by 23.05.2021. Both the Resolution Applicants did not submit the Resolution Plan on the last date of submission of the Resolution Plan and requested time for submitting Resolution Plan. But again, the CoC in its 9th meeting held on 24.02.2021 decided to invite fresh EOIs. Accordingly, revised Form-G was published on 25.02.2021. In response to the revised EO1, the applicant received expression of interest from the following three Prospective Resolution Applicants: 1) Mr. Sooraj A. V., Proprietor of Vector S....
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....rder was received by mail on 02.06.2021. 6. It is further stated that despite granting sufficient opportunity to the Promoter, he has not submitted the Resolution Plan. The other two PRAs also not submitted the Resolution Plan. Accordingly, the Applicant has convened the meetings of CoC on 11.06.20201 and 16.06.2021 for initiating Liquidation Process. However, in view of lock down the financial creditors were not in a position to take decision on Liquidation Process. Hence the meeting was adjourned to 18.06.2021 and then to 25.06.2021. On 25.06.2021, the CoC in its 11th meeting resolved to approve the filing of an application before this Tribunal for Liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code....
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....ns 39C of IBBI (CIRP) Regulations, 2A16, the consent of members of COC be and is hereby accorded to sale of Corporate Debtor as a going concern 7. Hence, the Applicant has filed this IA with the aforesaid prayers. 8. On 14.07.2021 this Tribunal directed the Resolution Professional to submit the Balance Sheets, assets and liabilities and Income and Expenditure account of the Corporate Debtor for the Financial Years 2014-2015, 2015-2016, 2016-2017, 2017-2018 with a comparative chart. We have perused the compilation of the Balance Sheets and Profit and Loss Accounts filed by the Applicant. 9. The consent of the Resolution Professional in accepting appointment as the Liquidator of the Corporate Debtor has been produced. In aforesaid consent ....
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....spapers one in English and one in Malayalam stating that the Corporate Debtor is in liquidation. It is also directed that the Applicant shall send this order to ROC under which this Company has been registered. c) Whenever the Liquidator issues any publication in the newspapers, the said shall be published in widely circulated newspapers in the State in which the Registered office of the Company is incorporated. d) The Fees payable to the Liquidator shall be in compliance with Regulation 4 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016; e) All the powers of the Board of Directors and key managerial persons of the Corporate Debtor shall cease to exist. All these powers shall henceforth be vested ....