TaxTMI 
TaxTMI 
2022 (2) TMI 964
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....ex Transformers Limited' and the same was admitted by this Tribunal vide order dated 26.11.2019 and Ms. Pooja Berry was appointed as the IRP vide above mentioned order. Further, on 17.06.2019 this Tribunal replaced the previously appointed IRP and appointed Mr. Rajeev Lochan as the Interim Resolution Professional ii. The Applicant has submitted that the IRP made a public announcement in Form A as required under regulation 6 of IBBI (CIRP) 2016 on 23.06.2020 in Financial Express (English) and Jansatta (Hindi) for intimation and for calling the creditors to submit their claims. That the IRP on account of non-receipt of any claims by 05.07.2020, which was the last date of the receipt of claims could not constitute COC within the stipulated timeline. The erstwhile IRP further submitted that a claim was received from the sole secured Financial Creditor on 31.07.2020 and therefore, the IRP filed his report on the constitution of COC on 06.08.2020 before the Tribunal. iii. The Applicant submitted that the 1st COC meeting was held on 18.08.2020 wherein sole COC member (Punjab National Bank) passed a resolution with 100% vote share to appoint Applicant i.e., Mr. Sumit ....
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....g. The above-mentioned appeal was listed on 23.08.2021 wherein the Hon'ble Appellate Tribunal directed the suspended directors of the Corporate Debtor to handover the assets and records of the Corporate Debtor to the RP which the suspended directors disregarded and did not comply with the said directions of the Hon'ble Appellate Authority. ix. The applicant submitted that the 6th COC meeting was held on 21.06.2021 and the suspended management of the Corporate Debtor neither turned up with the proposal to settle the matter under section 12A of the code nor provided details records of the Corporate Debtor as assured by them in the 5th COC meeting. Further, the COC also noted that even during the 6th COC meeting the representative of the suspended management provided nothing to the Applicant/RP which could support the CIR Process in any manner and therefore the COC approved the resolution for Liquidation of the Corporate Debtor. The extract of the 6th COC meeting is reproduced below: "RP informed the COC member that despite repeated follow up the ex-management did not turn up as assured by Adv Sh. Manish Raghav in the 5th COC meeting. COC member expressed the....
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....ss orders for the Liquidation/Dissolution of the Corporate Debtor which is defunct (as appearing from the MCA records) since 2014 onwards". x. The Applicant submitted that the Ld. Counsel for the Suspended Management of the Corporate Debtor, after the closure of CIR Process timeline and after the filing of the appeal on 21.08.2021, through email sent an OTS proposal on Corporate Debtor's Letterhead without any signature and stamp to the COC. The COC in its 7th COC meeting held on 04.09.2021 informed advocate Manish Raghav who was attending the COC meeting on behalf of the Suspended Board of Directors that the OTS is not acceptable to them and granted a week's time to the Suspended directors to submit a viable and defect free OTS. xi. Further, based upon the discussions that took place in the 7th COC meeting, the Applicant/RP conducted the 8th COC meeting on 15.09.2021 wherein the sole COC informed the Applicant/RP that the OTS possibility has failed. Also, the COC decided to proceed with the liquidation and accordingly, the Applicant/RP put the agenda for the voting process to Liquidate the Corporate Debtor. xii. The applicant further submitted th....
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.... (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 non-compliance of the requirements specified therein, it shall-- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered." (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 percent, of the voting share] to liquidate the corporate debtor, the ....