TaxTMI 
TaxTMI 
2022 (8) TMI 1000
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Resolution Professional of M/s Hike Leather Private Ltd ("Corporate Debtor") under section 33 of Insolvency and Bankruptcy Code, 2016 ("Code") for the initiation of liquidation of the Corporate Debtor. 2. The main Company Petition was filed by the petitioner Financial Creditor i.e. erstwhile Oriental Bank of Commerce (now Punjab National Bank) under Section 7 of Insolvency and Bankruptcy Code, 2016, which was admitted by this Adjudicating Authority vide order dated 20.02.2020. Vide the same order, Mr. Rakesh Phull was appointed as IRP, thereafter the applicant was confirmed as Resolution Professional by the CoC in its 1 st meeting held on 19.03.2020. 3. It is submitted that after the appointment of the applicant as a resolution prof....
X X X X Extracts X X X X
X X X X Extracts X X X X
....29 days i.e. from 25.03.2020 to 31.07.2020 was excluded from the CIRP period. 7. The Resolution Professional held the Sixth meeting of the COC on 05.11.2020. The applicant RP appraised the COC members that after sharing of the Information Memorandum, RFRP and Evaluation Matrix with the prospective resolution applicants no resolution plan was received till the last day of submission of the resolution plan. The RP further appraised that since there were queries regarding the EOI it was recommended that the Form-G be republished. In view of the same the COC had in this meeting resolved to re-publish Form-G. The RP held the Seventh meeting of the COC on the 27.11.2020, where the Resolution Professional had appraised the COC that he had re-pu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....itted by the Resolution Applicant M/s SRK Financial Services and a decision to go for liquidation was taken and the matter was put for voting. The COC in the meeting had resolved to liquidate the corporate debtor and had resolved for the RP to file an application for the liquidation of the CD. However the agenda for appointment of Liquidator and other agendas u/r 39B, 39C & 39D of the CIRP regulations were deferred for subsequent meeting. The copy of minutes of 10 th COC meeting is attached herewith as Annexure A-12. 11. The Resolution Professional conducted the 11th meeting of CoC on 15.03.2022, whereby the CoC members have resolved to appoint Mr. Jatin Mehra as the liquidator in place of the present Resolution Professional, in the abov....
X X X X Extracts X X X X
X X X X Extracts X X X X
....issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. 13. A bare perusal of the provisions shows that there are three circumstances under which the liquidation order can be passed by the Adjudicating Authority:- i. before the expiry of the insolvency resolution process period or; ii. maximum period permitted for completion of the corporate insolvency resolution process under Section 12 or the fast track corporate insolvency resolution process under Section 56, as the case may be; and iii. if does not receive a resolution plan under sub-section (6) of Section 30. 14. In t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....6; 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 to be a notice of discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; vi. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five (75) days from the Liquidation commencement date as per Regulation 13 of the Insolvency an....