2020 (1) TMI 1570

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.... Process initiated against the Corporate Debtor M/s. Gee Pee Infotech Pvt. Ltd., As usual moratorium was ordered and appointment of Mr. Binay Kumar Singhania was made as an Interim Resolution Professional to perform the duties assigned to the IRP/RP under the Code. 2. In his first Progress Report dated 2nd September, 2019 the IRP submitted that different announcements were made and notice published on 6th August, 2019 in two widely circulated newspapers in Kolkata. In the said public announcements claims from creditors were invited till 20th August, 2019. The aforesaid public announcement was displayed on the designated website of the IBBI in terms of the provisions of IBBI read with CIRP regulations. An intimation to this effect was sen....

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....he Code and the Regulations for smooth running of CIRP but the suspended Board of Directors failed to provide certain information and were not cooperative with the appointed Valuers, even though the Valuers visited the office of the Corporate Debtor personally but that did not yield any result. It is further submitted that in compliance with Section 22(1) of the IBC Code read with Regulation 17(2) of the CIRP Regulations, the RP issued notice dated 25th October, 2019 for convening the Third Meeting of the Committee of Creditors on 29th October, 2019. The said notice was sent to the sole Financial Creditor, Directors of the Corporate Debtor. In compliance with Regulation 19(1) read with Regulations 20,21,23(1) of the CIRP Regulations and one....

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....costs. In the 5th COC meeting held on 27th January, 2020, the RP informed the COC that 180 days of CIRP are going to expire and he has not received any EOI in the matter. In the absence of any viable resolution plan received by the Resolution Professional, the Corporate Debtor will go for liquidation. It was then decided that fee of Rs.50,000/- (Rupees Fifty Thousand Only) p.m. plus out of pocket expenses like legal fees, professional fees, travelling, lodging, stationary, courier etc., for conducting the liquidation process was fixed as fee for liquidation which will be treated as minimum remuneration payable to the liquidator which would be subsequently increased (if any) from the commission payable on sale of the liquidated assets calcul....