2020 (3) TMI 1498

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....k having UCO Bank as the lead bank for the initiation of Corporate Insolvency Resolution Process (in short "CIRP") against the Corporate Debtor M/s. Rabirun Vinimay under Section 7 of Insolvency and Bankruptcy Code, 2016 (in short "I & B" Code, 2016). By order dated 07.03.2019, this Adjudicating Authority admitted the Corporate Debtor in CIRP on the ground that the Corporate Debtor committed default in paying Financial debt of more than Rs. 600 Crores and appointed Mr. Kannan Tiruvengadam having registration no. IBBI/IPA-001/IPP00253/2017-18/10482 as Interim Resolution Professional (in short "IRP"). 2. On 07.03.2019, the IRP made public announcement of CIRP of the Corporate Debtor publishing notice in "Economic Times" (English Daily) and....

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.... seven CoC meetings. 5. The CIRP period of 270 days completed on 01.12.2019. However, as the RP and CoC had requested this Authority that they may receive resolution plan and so certain period of CIRP was extended but ultimately the RP and the CoC did not receive any resolution plan. 6. It is already noted that no resolution plan is received by the RP and the CoC during entire period of CIRP. Although, CoC did not pass formal resolution recommending this Authority to pass order of liquidation of the Corporate Debtor but we left with no option that to pass order of liquidation of the Corporate Debtor because no resolution plan for the Corporate Debtor is received by the CoC and the RP. 7. It appears from perusal of six progress repo....

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....a fresh moratorium under Section 33 (5) shall commence. (vi) This order is deemed to be a notice of discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33 (7) of I&B Code, 2016. (vii) Since the CD company is a going concern, the liquidator is at the liberty to sell the CD company as a going concern as per the provisions of the Code and regulation. (viii) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of the Insolvency and Bankruptcy Code, 2016. (ix) Upon proceeding with the liquidation the Liquidator shall file a preliminary report as per regulation 5 read with Reg.13 of the IBBI (Liquidation)Regulations, 2....