TaxTMI 
TaxTMI 
2021 (11) TMI 948
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....irections for liquidation of the corporate debtor, Indian Roots Shopping Limited. 2. The facts in brief are that the operational creditor, AS Technosoft Private Limited had filed an application bearing No. IB 1411(ND)/2018 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 13.03.2019 and Mr. Ashok Kumar appointed as Interim Resolution Professional (IRP). Thereafter, it came to the knowledge of the IRP that vide order dated 11.10.2018, the CIRP of the Corporate Debtor has already been initiated and Mr. Atul Kumar has been appointed as the IRP by this bench in IB No. 202/ND/2018. This bench vide its order dat....
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....the Director, Mr. Rajeev Verma to handover the assets of the Corporate Debtor, to which the director informed the RP and the CoC, that he does not have any information with respect to the assets of the Corporate Debtor as he never took charge over the management of the Corporate Debtor. That since no cooperation was received from the ex-management of the Corporate Debtor, the RP with the approval of the Committee members moved an application under section 19(2) of the Code for non-cooperation before the bench for appropriate direction to the ex-management. The bench was pleased to issue notice upon all the respondents, and all the respondents in response to the application filed by the RP under section 19(2) of the Code have taken a common ....
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....vil Appeal (AT) (INS) No. 575/2019 'The Directorate Of Enforcement vs. Sh. Manoj Kumar Agarwa; & Ors' have held that in order to conclude the CIRP of the Corporate Debtor smoothly, the RP is bound to have all the relevant information and the assets in its safe, custody. It is submitted that most of the assets of the Corporate Debtor are either with the employees or in custody of the government departments. 9. The RP submits that multiple applications have already been moved by the RP seeking direction for the release of FDRs (fixed deposit receipts) and for taking the safe custody of assets of the Corporate Debtor respectively. 10. The RP submits that the members of the CoC in the sixth meeting of the CoC held on 11.10.2019, w....
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....016. The RP Mr. Ashok Kumar gave his consent for acting as the Liquidator and proposed his fee to be not less than Rs. 1,50,000/- per month excluding GST and out of pocket expenses. 12. The RP apprised the CoC about the provisions of Section 39B and 39C of I & B Code, 2016 in order to finalize the estimated liquidation cost. The RP consulted the members of CoC and estimated the maximum liquidation cost as Rs. 6,90,000/-. The expenses for initiating the process of liquidation of the Corporate Debtor were put to voting and the same was approved with 100% members present and voting. 13. RP submits that in the sixth meeting of the CoC, the RP moved an Agenda to invite Expression of Interest (EO I), the relevant extract of the same is repr....
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.... provisions of IBC, 2016 is to seek the liquidation as provided under the provisions of section 33 of IBC, 2016 of which the relevant sub-section 1 of section 33 is reproduced hereunder; "33. (1) Where the Adjudicating Authority,-- (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency 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 o....
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....terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; c. The Registry is directed to communicate this order to the Registrar of Companies, NCT of Delhi & Haryana and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly in relation to other fiscal and regulatory authorities which governs the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation; e. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh M....