2020 (1) TMI 1544

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....2/C-III/ND/19 Counsel for the CoC is present. Counsel for the RP is present. The counsel for the CoC has submitted that CoC had no idea about the procedure to be followed for conducting the CoC and the Resolution that came to be passed by the CoC on 19.06.2019 is based on the misrepresentation. The Resolution Professional has submitted that the Agenda which was placed before the 5th COC is clear. There was no ambiguity and the maximum time period for CIRP was already utilized. The resolution was passed by the CoC for liquidation of the Corporate Debtor viz. M/s. Newgen Specialty Plastics Ltd. with 100 per cent voting share as recorded in the minutes under Annexure-A to the present application. During the course of hearing a specific quer....

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....is to pass an order of liquidation pertaining the Corporate Debtor (CD) viz., M/s. Newgen Specialty Plastics Limited. 2. Originally IB/1251/ND/2018 filed under Section 9 of the I&B Code, 2016 by the Operational Creditor (OC) was admitted by this Authority vide Order dated 19.11.2018, the CIR Process was initiated against the CD and Mr. Rajesh Parakh was appointed as Interim Resolution Professional (IRP). 3. It is averred that pursuant to the Order of this Authority dated 19.11.2018 the IRP had taken over the management of the CD and had issued the Newspaper Publication in two edition one in English and another in vernacular as per Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate....

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....n of time for submitting their resolution plan. The minutes of COC clearly indicate the non-cooperation on the part of the suspended board of directors. 7. On 25.05.2019, Mr. S. K. Singh (director) the proposed Resolution applicant of the CD sent email to RP requesting to further extend the time period for submitting a resolution plan. 8. In 5th meeting of the COC held on 19.06.2019, the chairman shared the complete background giving trails of events as to how the directors of the company have been accommodated by the COC to submit a resolution plan. Directors who were eligible and allowed to submit a Resolution Plan by 25.5.2019, were given an extension till 6.6.2019 for submission of resolution plan as requested.  But no resolution....

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.... Code, 2016, before the expiry of the maximum period of the Corporate Insolvency Resolution Process, the CD has to be ordered for Liquidation. ORDER 9.In view of the facts and circumstances recorded by Resolution Professional in CA/452/C-III/ND/2019 filed in CP/IB/251/ND/2018 and in exercise of powers conferred under Sub-Clauses (i) (ii) and (iii) of Clause (a) of Sub-Section (1) of Section 33 of the I&B Code, 2016, this Authority proceeds to pass Liquidation Order as follows:- I. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Newgen Specialty Plastics Limited which shall be conducted in the manner as laid down in Chapter III of part II of the code, 2016. II. This Authority hereby appoints Mr. Anil Kum....