2022 (10) TMI 206

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....iled by Mr. Devarajan Raman Applicant/ Resolution Professional, seeking liquidation of Kotak Urja Private Limited, (hereinafter referred as Corporate Debtor) under Section 33(1) of Insolvency and Bankruptcy Code, 2016 (hereinafter called as "the Code"). 2. The brief facts of the Application are as follows: a) That this Tribunal vide an order dated 18.11.2019 in Company Petition No. 3269/MB/C-IV/2019 admitted the petition under Section 9 of the Code, filed by Equilink Capital Management Services Limited (hereinafter referred to as the "Operational Creditor") and Corporate Insolvency Resolution Process (CIRP) was initiated against Kotak Urja Private Limited, (hereinafter called as the "Corporate Debtor"). The Applicant herein was ....

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....f) The CoC proposed Mr. M. Suresh Kumar for appointment as Liquidator of the Corporate Debtor on terms and conditions as approved by SBI. The Resolution was put to vote and approved with a vote share of 88.65%. g) The CIRP has ended as per the proviso to section 12(3) of the Code on 21st December, 2020, and the Corporate Debtor has to be liquidated as per the provision of section 33 (2) of the Code r/w Regulation No.39D of the IBBI (Insolvency Resolution for Corporate Persons) Regulations, 2016. h) In the 7th meeting held on 04.01.2021 the COC members unanimously agreed and decided to go for Liquidation. The Resolution is as under: "Resolved that as per Section 33 (1) (a) of the Insolvency & Bankruptcy Code, 2016,....

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.... that the committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub-section (1) of section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum.] The resolution was passed with 88.64% majority of the COC members which is more than the requisite percentage that is 66% of the voting as prescribed u/s 33(2) of IBC. i) The Applicant submits that, the 7th Adjourned COC meeting held on 17.03.2021 has decided unanimously and resolved to propose Mr. M. Suresh Kumar, Insolvency Resolution Professional having Registration No. IBBI/IPA-001/IP-P00110/2017-18/10217 as Liquidator to conduct Liquida....

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....idator would be entitled to the fees as provided in Regulation 4(2)(b) of the IBBI (Liquidation Process Regulations), 2016 to conduct the liquidation proceedings. 7. The Liquidator appointed in this case to initiate Liquidation Process as envisaged under Chapter-III of the Code by following the liquidation process given in the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. 8. The Liquidator appointed under section 34(1) of the Code, will have all powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the Liquidator. 9. That the Corporate Debtor to be liquidated in the manner as laid ....