2018 (9) TMI 2142

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....or issuance of directions for liquidation of the corporate debtor, Moser Baer India Limited as per the unanimous decision of the Committee of Creditors. 2. The facts in brief as stated in the application are that M/s Alchemist Asset Reconstruction Company Limited, financial creditor had filed an application bearing no. IB 378(PB)/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') for initiating Corporate Insolvency Resolution Process against Moser Baer India Limited, the Corporate Debtor. The application was admitted on 14.11.2017 and Mr. Debendra Singh was appointed as an Interim Resolution Professional (IRP). 3. Thereafter, in terms of Regulation 6 (1) of the Insolvency and Bankruptcy B....

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....ion 43,45,50 and 66 of the Code. 8. It is stated that in the 1st meeting of Committee of Creditors convened on 13.12.2017, the Members of the Committee of Creditors resolved to appoint the Interim Resolution Professional as the Resolution Professional in terms of sub-section (2) of Section 22 of the Code. 9. As per the decision of the fourth meeting of CoC convened on 21.03.2018 and in terms of Section 25 (2) (h) of the Code, the Applicant invited prospective lenders, investors and other persons to submit Expression of Interest to put forward resolution plan for the Corporate Debtor. The Advertisement inviting Expression of Interest from interested persons was published on pan India basis in all editions of Business Standard (Hindi an....

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....all editions) in Hindi and English on 12.6.2018 extending the time for submission of resolution plan till 30.06.2018. 13. In the 701 meeting of the CoC held on 02.07.2018 RP apprised the members that despite the timelines for submission of expression of interest having been extended by five times no expression of interest was received from any prospective resolution applicant. In view thereof, the members of the COC decided to extend the date to 25.7.2018 for submission of resolution plan. 14. In pursuant to the above, last date for submission of expression of interest for resolution plans was further extended to 25.07.2018 by an advertisement published in Business Standard (all editions) in Hindi and English on 7.07.2018. 15. In t....

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....3.32 3 GAA Advisory 339.91 667.55 19. In terms of Regulation 35(1)(c) the average liquidation value (i.e. averages of two closest estimates of value i.e. Rs. 334.99 and Rs. 339.91) comes to Rs. 337.45 crores. The total financial debts due to financial creditors as on the corporate Insolvency commencement date has been stated as Rs. 4356.12 Crores. 20. It is submitted that the CoC has resolved by 100% majority to liquidate the Corporate Debtor as there is no resolution plan. The Committee of Creditors was of the opinion that no resolution plan could be possible, and it is in the best interest of all the stakeholders that the Corporate Debtor be liquidated and the decision of the COC be intimated to the Adjudicating Authorit....