TaxTMI 
TaxTMI 
2022 (4) TMI 570
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....der Section 33(2) and 34(1) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the "Code") for passing an order of liquidation of the Corporate Debtor, M/s. Eagle Corporation Private Limited. 2. The facts of case are as under: (i) The Operational Creditor, M/s. VE Commercial Vehicles Limited had filed an application under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process (hereinafter referred to as the 'CIRP'), against the Corporate Debtor, M/s. Eagle Corporation Private Limited, which was admitted vide order dated 15.10.2019 and Mr. Sunil Kumar Agarwal was appointed as Interim Resolution Professional (hereinafter referred to as "IRP"). (ii) The IRP under Regulation....
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....ing of CoC on 01.07.2020 wherein irregularity in conducting the CIRP was re-discussed which also evidently indicates the trust deficit between the CoC and RP. Number of electronic mails exchanged between RP and members of CoC were referred which clearly establish that there was a trust deficit between CoC and RP of the corporate debtor and thus, during said period corporate insolvency resolution process of the corporate debtor was drudged and no substantial duties could be performed even after specific guidance/direction(s) on the part of the members of CoC. (vii) The RP convened 6th meeting of CoC on 18.07.2020 wherein it was resolved to extend CIRP period by 90 days beyond 180 days and was further resolved to change RP of the cor....
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....dingly, the present application is preferred before the Adjudicating Authority well within the time limit of maximum period of 330 days. (x) In the 7th Meeting of CoC on 24.09.2020 it was resolved by 100% of the members to file the present application for exclusion of certain time period from the timeline of CIRP of corporate debtor which has occurred due to pending litigation for the appointment of applicant as RP and further it was also observed that CIRP was also not properly conducted by erstwhile RP on account of trust deficit between CoC and erstwhile RP. (xi) It was informed by the CoC in the 7th meeting that the 5th and 6th meeting held on 01.017.2020 and 18.07.2020 were not ratified by the members of CoC as most o....
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....st in respect of the corporate debtor, however, till 23.12.2020 the applicant had not received any resolution plan from the prospective resolution applicants. (xvi) The applicant had convened 11th meeting of the CoC on 08.02.2021 wherein the applicant had received one resolution plan from the prospective resolution applicant i.e. M/s. Modern Tours & Travels on 03.02.2021 (after last date of Resolution Plan 23.12.2020) and the applicant had duly appraised the CoC regarding the same. (xvii) The applicant had convened 12th meeting of the CoC on 05.03.2021 wherein the members of the CoC had resolved to approve the resolution for the exclusion of 60 days in the CIRP period. Also, the members of CoC had discussed the resolution ....
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.... and the value of the liquid assets available to meet liquidation cost, to approve a plan providing for contribution for meeting the difference between the two, in accordance with Regulation 39B of the CIRP regulations; 5. to approve the assessment of sale as a going concern; 6. to consider the approval of liquidation fees. (xxii) The CoC passed Resolution No. 2 to 6 in the voting' however, the CoC had disapproved Resolution No. 1. (xxiii) The members of the CoC in the 15th meeting dated 18.10.2021 resolved to appoint the applicant as liquidator of the corporate debtor and thus, the applicant submits his written consent dated 18.10.2021 to act as liquidator of the corporate debtor. 3. In view of th....
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.... is allowed. 6. We appoint RP Mr. Dhaval Jitendrakumar Mistry who has also consented to act as Liquidator and filed his written consent, having registration No. IBBI/IPA-001/IP-P-01853/2019-2020/12849, having address at 9-B, Vardan Complex, Nr. Vimal House, Lakudi Circle, Navrangpura, Ahmedabad 380 014, Gujarat, as liquidator in terms of Section 34(1) of the Code with the following directions: a) The liquidator to issue a Public Announcement stating that the corporate debtor is in liquidation in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. b) The liquidator to proceed with the process of liquidation in a manner laid down in Chapter-III of Part II of the ....