TaxTMI 
TaxTMI 
TaxTMI 
2022 (1) TMI 768
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....) of the Insolvency & Bankruptcy Code, 2016 r/w Reg. 32(f) and 32A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations & Rule 11 of the NCLT Rules, 2016 seeking sale as a going concern with respect to South Indian Mint and Aromatic Products Ltd. (Corporate Debtor). 2. IA/523/CHE/2021 has been filed on 22.06.2021 by the Liquidator seeking extension of the liquidation period by another one year. 3. IA/463/CHE/2021 has been filed on 15.06.2021 by the Liquidator seeking to amend the Application in IA/199/CHE/2021. 4. On 04.06.2018 in CP/341/IB/2018 the CIRP was ordered by this Tribunal. Since no Resolution Plan was received, liquidation order was passed on 10.04.2019 in MA/323/2019. Pursuant to the said Or....
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....nditions. Further, employment will be generated. E. Post revival of the Corporate Debtor, the new management could explore opportunities of growth inviting potential investors and suitors to effectively operate, manage and continue as a going concern. F. The proposed plan would not prejudice the interests of any of the stakeholders but would rather be purely in the interests of all shareholders or creditors or any stakeholders. 6. Further, it was submitted that under the Sale as a going concern, the following is envisaged: a. Under the proposed plan the Respondent proposes to pay a sum of Rs. 2,87,00,000/-, which includes the CIRP and Liquidation Costs for revival of the Corporate Debtor. Out of the said sum, t....
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....porate Debtor, the new management shall be at liberty to renegotiate the terms of employment of any or all employees and workmen of the Corporate Debtor. 10. The Learned Counsel for the Liquidator submitted that the Company in Liquidation has 9 equity shareholders are provided below: 11. It is submitted that provision for constituting the Stakeholders Committee do not apply to this Company as the Regulation for the same was inserted only subsequent to the passing of the liquidation order. The proposal received from the Respondent was placed before the Secured Financial Creditor Meeting (Erstwhile CoC) held on 23.10.2020 in accordance with the Regulation 32A(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regul....
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.... b. Bank statement of the Escrow Account (to show escrowing of amount by the Respondent); c. Letter issued by the sole Operational Creditor dated 16.12.2020. 15. IA/463/C HE/2021 is the amendment Application seeking modification in the prayers in IA/199/CHE/2021 and the same is hereby allowed. The Liquidator is permitted to sell the assets of the Corporate Debtor as a going concern to the Respondent as per Regulation 32A of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016. With the above said directions IA/199/CHE/2021 stands allowed. 16. In relation to IA/523/CHE/2021, the Liquidation period in respect of the Corporate Debtor is extended for a period of 6 months from the date of this order. Ac....