TaxTMI 
TaxTMI 
2020 (7) TMI 813
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....R of the Erstwhile Management. ORDER Per Shri Jinan K.R., Member (J) 1. Mr. Animesh Mukhopadhyay, Resolution Professional filed this unnumbered application under Section 33(2) of I & B Code, 2016 for passing an order requiring the corporate debtor (CD)/ M/s Jas Infrastructure and Power Limited to be liquidated in the manner laid down in Chapter III, Part II of the I&B code. 2. This application was filed requesting for urgent hearing in the matter since there has been much delay due to the country wide lockdown in the pandemic situation. Having been satisfied with the grounds set up for moving this application before lifting the lockdown, the application is admitted and listed for hearing on today (17.07.2020). 3. Brief Facts:....
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....expressions of interest on 28th January, 2020 and there was interest expressed by three groups i.e. Refex Industries Limited, Vedanta group and Karuna Greentech Private Limited. 8. It is submitted by the RP that five CoC meetings were convened till 26th February 2020. It is submitted by the applicant that no resolution plan received from any applicant within the given date and not foreseeing any possibility of resolution. In the last CoC meeting dated 26th February the Committee of Creditor with 98.45% voting share voted in favour of liquidation of the Company and also voted for appointing Mr. Sajjan Kumar Dokania as Liquidator of the Corporate Debtor and the following resolutions were passed: - Resolution No. 1 "RESOLVED THA....
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....CoC be and is hereby accorded for the fee of the liquidator in terms of Regulation 4(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations read with Regulation 39D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 less 65% in case of Sajjan Kumar Dokania." is approved by 98.45% of the CoC members. 9. Heard the Ld. RP Mr. Animesh Mukhopadhyay, and his Counsel , Mr. Utsav Mukherjee and Ld.Counsel Mr. Sandeep Bajaj, for directors of the suspended board of the CD. 10. Ld RP referring to the resolutions passed by the CoC in the meeting held on 26th February,2020, submitted that a final progress report was prepared and sent to the registry b....
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....nd proposing an insolvency professional at a rate fixed by the CoC, not at all inspire our confidence. The financial debt of the applicant who initiated the CIRP has come to Rs.689,19,83,028.19/- (Rs. Six Hundred Eighty Nine Crore Nineteen Lacs Eighty Three Thousand Twenty Eight and Nineteen paise only). The proposed liquidator is not from Kolkata where the registered office is situated. He is from Bhopal. So it appears to us a senior insolvency professional who proved his/her competency before us to be appointed in this case as the liquidator. Accordingly we appoint Mr. Kannan Tiruvengadam CA, from the list published by IBBI subject to submission of written consent by him within one week. 13. This application was objected to by the dire....
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....olution plan the CoC took a decision by 98.45% vote share of the financial creditors in terms of section 33(2) of the I&B Code. In view of the matter, we have no option but to pass the order of liquidation of the Corporate Debtor in the manner as laid down in the Chapter III of Part II of the I&B Code. Accordingly, we pass an order of liquidation of the Corporate Debtor upon the following directions: - ORDER (i) Corporate Debtor M/s. Jas Infrastructure And Power Limited having its registered office at Sector III Salt Lake City Ground Floor Kolkata-700106, in the state of West Bengal, is ordered to be liquidated. (ii) CA. Kannan Tiruvengadam having Registration Number : IBBI/IPA-001/IPP00253/ 2017-18/10482, registered Office Address....