TaxTMI 
TaxTMI 
TaxTMI 
2022 (5) TMI 811
X X X X Extracts X X X X
X X X X Extracts X X X X
....iled by the Resolution Professional with the approval of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, viz., SKP Steel Industries Private Limited [CIN: U70102WB2012PTC189246], on the ground that the CIRP period has expired and no resolution plan was approved by the Committee of Creditors ('CoC'). The Applicant has sought for the following reliefs: a. Pass an order for liquidation of the Corporate debtor; b. Pass an order appointing Mr. Soumitra Lahiri, Insolvency Professional having registration number IBBI/IPA-001/IP-P00734/2017-18/11232 as the Liquidator to the Corporate Debtor 3. This Adjudicating Authority vide its order dated 8th February 2021 on a Petition filed by Parag Sales Corporation ('operati....
X X X X Extracts X X X X
X X X X Extracts X X X X
....icant received two Resolution Plans from resolution applicants who confirmed eligibility in conformity with the requirements laid down under section 29A of the Code. The RP also checked the aspects of compliance of section 30(2) of the Code as well as regulations 37,38 and 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and separate report pertaining to each resolution plan was submitted to the perusal of the CoC. 9. The CoC in terms of its 14th meeting dated 9th March 29022 and consequent e-voting, was of the view that the resolution amount being offered in the said resolution plans were not satisfactory. Since, the CIRP period would come to an end on 4th May 2022,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....tion 33(2) of the Code, before the Adjudicating Authority for liquidation of the Corporate Debtor on expiry of the CIRP period. 15. The Applicant/Resolution Professional, Mr. Soumitra Lahiri [Reg. No. IBBI/IPA-001/IP-P00734/2017-2018/11232], has agreed to act as liquidator to carry on the process of liquidation and given his consent to act as Liquidator, in terms of section 34(1) of the Code and has a valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member. 16. We have considered the submission made by the learned Counsel on behalf of the Applicant/RP and perused the record. 17. Section 33(2) of the Code enjoins the Adjudicating Authority to pass an order for liquid....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... extend all assistance and co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. g. On initiation of the liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code read with its proviso. h. In accordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the ext....