2021 (10) TMI 1340

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.... 1. This court convened via video conferencing. 2. This is an application filed by the Resolution Professional upon the instructions of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, viz., Corporate Power Limited [CIN: U27106WB2006PLC150110], 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. Allow the present Application, and b. Pass an order directing liquidation of the Corporate Debtor in the manner as laid down in Chapter III of the Code; c. Pass an order directing all the personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as may be re....

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....e Report certifying the constitution of the CoC was filed with the Adjudicating Authority on 16.03.2020. 6. The first meeting of the CoC was held on 20.03.2020 wherein the CoC confirmed the appointment of the IRP as the RP. The Applicant states that the publication for invitation of EoIs in Form G was done on 27.06.2020 in Financial Express (English) and Sanmarg (Hindi) (Jharkhand edition) and Morning India (English) and Aajkal (Bengali) (Kolkata edition) newspapers. Form G was re-published on 07.08.2020, 29.08.2020 and 23.09.2020. The last date of submission of EOI was 08.10.2020. 7. It is submitted that the RP received seven EOI's and issued a list of prospective Resolution Applicants on 18.10.2020 and a final list of prospective Resolu....

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....) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, which is valid till 28.12.2021. 14. We have considered the submission made by the learned Counsel on behalf of the Applicant/RP and perused the record. 15. Section 33(1) of the Code enjoins the Adjudicating Authority to pass an order for liquidation of the Corporate Debtor where before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process does not receive a resolution plan under sub-section (6) of section 30. 16. This Bench, therefore, hereby orders as follows: - a. Prayers as sought for in I.A. (IB) No. 431/KB/2021 filed by Mr. Mr. Pankaj Dhanuka, RP o....