2022 (1) TMI 513

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....initiation of CIRP process by the Corporate Debtor under Section 10 of the IBC, 2016 was admitted by this Tribunal by order dated 03.03.2020 and Sh. Adesh Kumar Singla was appointed as IRP. The IRP constituted the Committee of Creditors (CoC) on 20.05.2020 with the "State Bank of India" as sole member. Subsequently, the CoC resolved to replace the IRP and to appoint Sh. Manjul Mittal as Resolution Professional. This Adjudicating Authority by order dated 10.07.2020 confirmed the replacement of IRP with Sh. Munjul Mittal as the Resolution Professional in the present case. In the second meeting of the CoC held on 06.08.2020, it was resolved to appoint two Valuers for the valuation of land and building and securities and financial assets of the....

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....3. Now, coming to the merit of the application, before considering the prayer, we would like to refer the Section 33(2) of the IBC and the same is reproduced below:- "Section 33(2): Initiation of liquidation. 33. (1) ......... (2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors [approved by not less than sixty-six per cent, of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub clauses (i), (ii) and (iii) of clause (b) of sub-section (1). [Explanation.....

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....ion by the Resolution Professional and have also perused the records. 7. The CoC in its 7th meeting held on 30.12.2020 has resolved to appoint the present RP i.e. Mr. Manjul Mittal, Resolution Professional with IBBI Registration No. IBBI/IPA-001/IP-P00061/2017-18/10139 as Liquidator and he has filed his consent in Form AA dated 30.12.2020 (Annexure A-10 of the application). The CoC in the same meeting has further resolved that the Liquidator shall be entitled to the fees of Rs. 75,000/- (Rupees Seventy Five Thousand Only) per month plus actual expenses and a percentage of amount released net of other liquidation costs and of the amount distributed. Moreover, the Liquidator will explore an option to sell the Corporate Debtor as a going co....

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....n of Section 33 (5), (6) and (7) of the IBC, 2016 shall have come into force with immediate effect. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; v. This Order shall be deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; vi. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five (75) days from the Liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Pr....