TaxTMI 
TaxTMI 
2022 (7) TMI 461
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....0 in prescribed Form A, In accordance with Regulation 6 of IBBI (CIRP) Regulations, 2016 (hereinafter referred to as Regulations) read with Section 13(1)(b) and 15 of the Code. 2. In the present application, it is prayed that Mr. Naresh Kumar Goel, the Resolution Professional should continue as Liquidator in terms of Section 34(1) of the IBC Code, 2016; to exclude the period of lockdown from 22.03.2020 to 15.11.2020 from CIRP timeline; and to direct the Corporate Debtor/CoC to remit an amount of Rs.10,57,874/- towards expenses and fees of the RP and counsel of the Corporate Debtor. It is further claimed that an amount of Rs.18,81,644/- is total expenses and fees payable to the RP and counsel of the corporate debtor out of which Rs.10,57,874/- till the date of filing of the liquidation application i.e. 18.02.2021 and balance amount of Rs.8,23,770/- has been incurred by the RP after the filing of liquidation application to the date of filing of the present application. 3. It is submitted that the IRP constituted the Committee of Creditors (CoC). In the first meeting of CoC was convened on 25.01.2020, a resolution was passed by the Members of CoC for replacement of IRP by another Res....
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....epresentatives of Indian Bank submitted that authorization from the appropriate authority is required, therefore, the Agenda is deferred for the next CoC meeting. Minutes of the third CoC meeting is attached as Annexure 11 of the application. 7. It is contended by the Resolution Professional that numerous representations were made to the Indian bank, financial creditor having 98.81% voting rights for the conduct of next CoC meeting. It is submitted that the fourth CoC meeting took place on 06.01.2021. In the said meeting, CoC has passed the resolution for liquidation of the corporate debtor with 100% voting vide Item No. 9 of the aforesaid meeting. In the same meeting, the Members of CoC discussed on the Agenda concerning Regulations 39B, 39C & 39D of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional also made submissions with respect to CIRP Cost before the CoC. 8. Now, coming to the merit of the application, before considering the prayer, we would like to refer the Section 33(2) of IBC and the same is reproduced below:- "Section 33(2): Initiation of liquidation (1) ............. (2) Where the resolution professiona....
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....appointment of Mr. Naresh Kumar Goel as Resolution Professional of corporate debtor w.e.f. 18.03.2020 at a remuneration of Rs.50,000/- per month plus applicable taxes and out of pocket expenses, if any, was put to vote and the aforesaid resolution was passed with 100% votes of the CoC. 14. In the present matter, the petition was admitted by this Tribunal vide order dated 21.11.2019 and the first CoC meeting was held on 25.01.2020 where the decision to replace the IRP was taken and the current Insolvency Professional was appointed as Resolution Professional w.e.f 18.03.2020. The decision to liquidate the corporate debtor was taken in Fourth CoC meeting which was held on 06.01.2021, whereas the instant IA was filed vide diary No.00309 dated 24.02.2021. 15. It is to be noted that the time period prescribed by the Code is the maximum time provided for the completion of CIRP nothing prevents a resolution process to be completed before the maximum time period prescribed. NCLT, Mumbai Bench in the matter of SBI Vs. Jet Airways (India) Limited has also held that though the IBC provision provides for 180 days for completion of the CIRP, every effort should be made by the IRP/RP, and membe....
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....ebtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016; ii. Since the Resolution Professional has given his consent to act as Liquidator, therefore, Mr. Naresh Kumar Goel bearing Registration No. IBBI/IIPA-002/IP-N00696/2018-2019/12323, resident of 203, Vardhman Star Mall, Sector 19, Near Badkhal Mor Metro Station, Faridabad, Haryana-121 002, Mob No.9899102276, e-mail: [email protected] is hereby appointed as liquidator; iii. The liquidator is directed to take custody and control of the assets, property of the Corporate Debtor with immediate effect and made a public announcement clearly stating that the Corporate Debtor is under Liquidation in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; iv. The Provision of Section 33 (5), (6) and (7) of the IBC, 2016 shall have come into force with immediate effect. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; v. This Order shall be deemed t....