2022 (7) TMI 460
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....Resolution Professional for M/s Bajrang Cotgin Private Limited under Section 33 r.w. Section 34 of the Insolvency and Bankruptcy Code, 2016 ( "IB Code" ) for the order of liquidation as the CoC has rejected the resolution plans submitted by all the Prospective Resolution Applicants. 2. The averments made by the applicant are summarized as under; (i) The Corporate Debtor was admitted into Corporate Insolvency Resolution Process ("CIRP") vide order dated 15.03.2021 of this Adjudicating Authority and the applicant herein was appointed an Interim Resolution Professional ( "IRP"). The IRP published Form - A for submission of claims by Creditors of the Corporate Debtor and constituted Committee of Creditor (in short "CoC") comprised of a sole ....
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....udicating Authority. In response to the publication of Form- G on 17.07.2021, one resolution plan was received by the applicant from the Prospective Resolution Applicant namely Mr. Ketan Shantital Dhruv jointly with Mr. Sanjay Kanaiyalal Tejura. (iv) After the last date of submission of EOIs, one Prospective Resolution Applicant had submitted the EoI, and various Prospective Resolution Applicants also showed a willingness to submit the resolution plan. In view of the aforesaid inquiries and submissions of one EoI after the last date of submission of EoIs. The CoC in its 5th meeting dated 02.09.2021 resolved to extend the date for submission of EOIs upto 10.10.2021. Thereafter, applicant published Form - G on 03.09.2021, with a note clear....
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....tood extended till 26.01.2022. (vii) The 8th CoC meeting was held on 17.01.2022, wherein the CoC decided to extend the CIRP period by further 30 days, and this Adjudicating Authority granted only two weeks to complete the CIRP process from 09.02.2022 in IA No. 71 of 2022 thereby the CIRP period was extended up to 23.02.2022. (viii) The 9th CoC meeting of CoC was held on 18.02.2022, wherein the CoC (sole member) has considered the resolution plans submitted by the Prospective Resolution Applicants. The sole member of CoC through E-voting dated 20.02.2022 rejected all the resolution plans and passed the order of liquidation with 100% votes. The CoC has further recommended that the liquidator may first explore selling the Corporate Debto....
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.... 39C of the CIRP Regulations read with Regulation 32(e) of the Liquidation Regulations. 5. Heard the Ld. Counsel for the applicant and perused the material of record. It is noted that to resolve the Corporate Debtor, sufficient efforts were made by the applicant as well as the CoC. Three resolution plans were received from the Prospective Resolution Applicants but the sole member of CoC has rejected all the resolution plans submitted by the Prospective Resolution Applicants in its 9th meeting dated 18.02.2022 (through e-voting dated 20.02.2022). The CoC in that very meeting also resolved to liquidate the Corporate Debtor by 100% vote. It is also resolved that the applicant herein be appointed as a Liquidator. A copy of the written consent ....
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....tor who shall complete the liquidation process as per the provision of Insolvency and Bankruptcy Code, 2016 r.w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016. He is further directed to endeavor to sell the Corporate Debtor firstly as a going concern as per the resolution passed by the CoC. (iv) All the powers of the Board of Directors, the key managerial person(s), and the partners of the Corporate Debtor hereafter cease to exist. All these powers henceforth, vest with the Liquidator. (v) The personnel of the Corporate Debtor is directed to extend all co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor, further, the Liquidator shall also provid....