TaxTMI 
TaxTMI 
2022 (1) TMI 1370
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....he Corporate Debtor was admitted into CIRP on 19.11.2019 and the Interim Resolution Professional was appointed. The IRP issued Public notice inviting claims and then constituted the CoC. The members of Coc are as under: Sr No. Name of the Financial Creditor Amount of claim accepted by the RP (Rs. In Crores) Percentage 1 Union Bank of India 85.85 92.25% 2 Yes Bank 5.56 5.98% 3 IDFC First Bank Ltd 0.42 0.45% 4 RBL Bank 0.40 0.42% 5 Tata Capital finance Services Ltd 0.32 0.34% 6 Indiabulls Consumer Finance Ltd 0.29 0 .32% 7 Magma Fincrop Ltd 0.22 0.24% Total 93.06 100% 3. The Applicant pointed out that the advertisement for inv....
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....onsideration. The Committee considered the same. Authorized Representative of the Union Bank raised a query about eligibility of the Resolution Applicant. He stated that Mr. Jaidev Panchamatia is a connected person in terms of Section 29A of Insolvency and Bankruptcy Code, 2016. He further stated that the CD is classified as Fraud and Wilful defaulter. The chairman suggested to take a due diligence report to check the eligibility of the Resolution applicant. On this, the Authorized Representative of the Union Bank said that there no need of due diligence report in this case. After discussion, it was decided that the RP will check the eligibility of the Resolution applicant and inform the same to Committee. ....
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....e is no need to send a separate communication for disapproval of the Resolution Plan, as the minutes of previous meeting are already shared." 9. The Applicant pointed out that the Resolution for liquidation in Eight CoC meeting was approved with 100% votes. Further Mr. Fanendra Harakchand Munot the Resolution Professional IBBI/IPA-001/IP0515/2017-18/10916 was proposed to be liquidator and consent has been attached. The resolution passed by COC is reproduced below: "RESOLVED THAT approval of the Committee is accorded for recommending liquidation of the Corporate Debtor". FURTHER RESOLVED THAT Mr. Fanendra Munot, the Resolution Professional of Corporate Debtor, be and is hereby authorized to take the necessary steps to fi....
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....lution Professional, and accordingly, this Bench orders; a) that the Corporate Debtor to be liquidated in the manner as laid down in the Chapter by issuing Public Notice stating that the Corporate Debtor is in liquidation with a direction to the Liquidator to send this order to the ROC under which this Company has been registered. b) that the Resolution Professional herein is hereby appointed as Liquidator as provided under Section 34(1) of the Code. c) all the powers of the Board of Directors, key managerial persons, the partners of the Corporate Debtor hereafter ceased to exist. All these powers henceforth vest with the Liquidator. d) that the personnel of the Corporate Debtor are directed to extend all....