TaxTMI 
TaxTMI 
2019 (11) TMI 1758
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....ts by the Resolution Professional. Therefore, same are disposed by way of this common order. 2. IA No. 479/2019 in CP(IB) No. 620/9/HDB/2018 is filed by Interim Resolution Professional U/s. 33 of the IB Code, 2016 inter-alia praying to pass an order of Liquidation against the Corporate Debtor herein and appoint him as a Liquidator. 3. IA No. 540/2019 in CP(IB) No. 620/9/HDB/2019 is filed praying to direct the payment of the fee & expenses to the IRP and issue other such orders/directions as the Adjudicating Authority may deem fit and proper in facts and circumstances of the case. 4. Brief facts as stated in Application bearing IA No. 479/2019 are as under: A. This Adjudicating Authority vide its order dated 29.03.2019 admi....
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....he view that it is not worthwhile for the Bank to continue CIRP and Financial Creditor prefers liquidation of the Corporate Debtor. F. Accordingly the Committee of Creditors: "RESOLVED to recommend to the Adjudicating Authority for liquidation of the Corporate Debtor with 100% voting share. Further RESOLVED that the IRP shall continue and discharge the functions of the Resolution Professional on the terms of appointment made by Operational Creditor, i.e., Fee of Rs. 1.50 lakhs per month + Out of pocket expenses shall be payable to the IRP, till the Hon'ble Adjudicating Authority passes appropriate orders on the matter, with 100% voting share. The IRP further made a submission to the Committee....
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....t of Fee and expenses incurred by IRP are still to be received: Expenses Incurred Amount in Rs. IRP Fees (including the IPE): From 29th April, 2019 till 28th May, 2019 From 29th May, 2019 till 23rd June, 2019 1,50,000 1,15,000 Reimbursement of conveyance expenses, other assistance in filings before NCLT with help of legal counsel, COC meeting expenses etc. 15,952 Total 2,80,952 iii. Accordingly, a sum of Rs. 2,80,952 is payable to the IRP towards fee & expenses till date (up to 23.06.2019), in addition to the fee & Expenses payable till the orders of the Adjudicating Authority on the Application filed for liquidation of CD. iv. It is stated that the IRP is apprehe....
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.... insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors 2 [approved by not less than sixty-six percent, of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). [Explanation. -For the purpose of this sub-section, it is hereby declared 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 ....
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....med to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the Liquidation process by the Liquidator. (vi) All the 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 in the Company Liquidator appointed by this Adjudicating Authority. In addition to this, the Company Liquidator shall. exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I&B Code, 2016, r/w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (vii) The personnel of the ....