2022 (2) TMI 12

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.... in the Application is to pass an order of liquidation pertaining to the Corporate Debtor (CD) viz., Narmada Cereals Pvt. Ltd. 2. Originally the captioned petition was admitted by this Adjudicating Authority vide Order dated 07.12.2020, the Corporate Insolvency Resolution Process (CIRP) was initiated of the Corporate Debtor and Mr. Arun Chadha was appointed as Interim Resolution Professional (IRP) vide the same order. 3. It is submitted that public announcement was made by the IRP on 11.12.2020 and pursuant to that a claim of one financial creditor, Punjab national bank was received by IRP and CoC was constituted and as per applicable regulation consisting of sole financial creditor. It is stated that the 1st CoC meeting was held on 0....

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.... stipulated date. In the 7th CoC dated 25.05.2021, wherein all the resolution applicants (RAs) were invited for discussions and advised them to substantially increase their resolution plan value. This adjudicating authority vide order dated 10.06.2021 granted further of 90 days u/s. 12(2) of IB Code, 2016. It is further stated that in 8th CoC dated 29.06.2021, the CoC advised the RAs to further improve their resolution plan value as revised resolution plan was increased only marginally. The CoC in its 9th meeting dated 13.07.2021 gave the final opportunity to RAs to improve/modify the resolution plan, however, the RAs refused to make any change. 6. It is submitted that on 09.08.2021, the COC having 100% voting share and exercising its co....

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....9.2021 of this Hon'ble Tribunal, the Deponent called for 11th CoC meeting on 17.09.2021 wherein the resolution plan submitted by the RA was placed before CoC members for consideration. The meeting was attended by the sole CoC member, Punjab National Bank and Mr. Arun Mittal, on behalf of the RA. 4. That on 17.09.2021 was the said resolution plan was rejected for consideration as it was not in compliance of the directions of this Hon'ble Tribunal of submitting a separate resolution plans. The COC directed the RA to submit revised resolution plans, one for the Corporate Debtor and another for releasing of third party collaterals. Accordingly, two separate resolution plans are submitted by the RA for consideration of the COC. ....

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.... four resolutions plans received and considered by COC i.e., i) consortium of Arun Mittal & Abhinav Mittal; ii) consortium of Maharana Pratap; iii) Fortune Rice; iv) Sandeep Garg, for e-voting and voting window was opened from 23.09.2021 to 26.09.2021 which was further extended to 30.09.2021. 8. The COC on 30.09.2021, applying its commercial wisdom, has rejected all the resolution plans including the revised composite plan submitted by the RA. Hence, the Corporate Debtor has now put under the rigors of liquidation as prayed for in the captioned Application." 8. Since no resolution plan has come before this Adjudicating Authority for approval and CoC has passed resolution approving the liquidation of corporate debtor, therefore, ....

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.... the Central Government in consultation with any financial sector regulator. V. This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. VI. All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the Liquidator viz., Mr. Prabhat Jain, in addition to it, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the Insolvency & Bankruptcy Code, 2016, r/w Insolvency and Bankruptcy ....