TaxTMI 
TaxTMI 
2022 (10) TMI 204
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.... Professional (hereinafter referred to as "RP") under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the "Code") for passing an order of liquidation of the Corporate Debtor, M/s. Platino Classic Motors (India) Pvt. Ltd. and appointment of the present Resolution Professional as Liquidator of the Corporate Debtor. 2. The facts as narrated in the application and explained by the RP are summarized hereunder: i. The Financial Creditor, the Federal Bank Ltd. had filed an application under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (hereinafter referred to as the 'CIRP'), against the Corporate Debtor M/s. Platino Classic Motors (India) Pvt. Ltd., which ....
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....nterest. It is submitted that while there were several inquiries, only one application was received in response to the 2nd Expression of Interest. The Expression of Interest was received from a consortium consisting of the suspended managing director of the Corporate Debtor and his son. iv. As the prospective resolution applicant was found to be eligible, the CoC at its 8th meeting held on May 27, 2022 resolved to issue the Information Memorandum, Request for Resolution Plan and Evaluation Matrix to the Prospective Resolution Applicant. The resolution applicant submitted its Resolution Plan on June 15, 2022. The CoC at its 9th meeting held on June 20, 2022 had resolved with 97.70% voting share to request the resolution applicant to....
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....details called for by the CoC in spite of another opportunity being afforded; d) The resolution plan did not disclose the source of funds from which creditors would be paid and how further investments, as proposed in the resolution plan, would be made; e) The representative of the resolution applicant in his oral submissions at the CoC meeting quoted different figures of investment as opposed to what was submitted in the revised resolution plan; and f) The resolution plan scored very low on the evaluation matrix. 4. The Resolution Professional stated that as there were no other Resolution Plans available and since time was insufficient for a further issue of invitation for Expression of Interest and since the p....
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....lution Professional to serve a copy of this application calling for the objection of any of the suspended management of the Corporate Debtor. Pursuant thereto, one of the suspended directors filed an affidavit objecting to the liquidation of the Corporate Debtor M/s. Platino Classic Motors (India) Pvt. Ltd. He has stated that M/s. Platino Classic Motors (India) Pvt. Ltd is an MSME Unit and has produced a certificate to that effect. He further stated that the CoC in the 3rd meeting decided to liquidate M/s. Platino Classic Motors (India) Pvt. Ltd. by filing IA/109/KOB/2021 which was rejected by this Adjudicating Authority vide order dated 18.11.2021 directing to continue the CIRP as per rules. The EOI for the first time for resolving the deb....
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....Rs. 42 Crore. Hence, they prayed that this Adjudicating Authority to pass appropriate order directing the CoC to combine or otherwise qua both the Corporate Debtors to reconsider the revised proposal. OBSERVATIONS : - I. We have heard the learned Applicant/Resolution Professional and the learned counsel for the ex-management Shri. Arjun Sheth and perused the entire case records/documents. It is seen from the available records that the CoC of the Corporate Debtor with 97.70% voting share has resolved to apply to this Adjudicating Authority for liquidating the Corporate Debtor. II. M/s. Platino Classic Motors (India) Pvt. Ltd. and M/s. Koyenco Autos Private Limited were ordered to CIRP in separate applications filed against them have....
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....ng at any time before the preparation of the information memorandum]. IV. Considering the documents and submission made by the Resolution Professional, since the COC in its commercial wisdom has resolved to take the Corporate Debtor in liquidation, we are of opinion that the decision of the COC should not be interfered with. The present application seeking liquidation of the Corporate Debtor M/s. Platino Classic Motors (India) Pvt. Ltd., in the manner laid down in Chapter III of Part II of the Code is allowed. V. We appoint Mr. Reuben George Joseph, having registration No. IBBI/IPA-001/IP-P02134/2020-2021/13326, office at 37/2038, 1st Floor, Muttathil Lane, Kadavanthra, Ernakulam, Kerala, 682020 who has consented to act as Liquidator ....