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Judgment
ORDER
The Learned Representatives for Bank and Ex-Director of the Corporate Debtor are present. RP Mr. Rajeev Bal Sawangikar is present in person.
MA-1101/2019 – This is an Application by the Ex-IRP. Discussed with the RP present. In this Application the outstanding amount is only for the period of 04.06.2018 to 13.07.2018 for which invoices amounting to Rs. 1,52,000/- is placed on record.
However, on mutual consent to settle the issue decided that out of the bank balance available the RP shall issue a cheque of Rupees One Lakh favouring the RP to be paid by 10.10.2019. With these observations MA-1101/2019 disposed of accordingly.
MA-1709/2019 – This is an Application for seeking an Order under section 33(1) of I&B Code. Placed on record COC Meeting held on 26.04.2019 through which Agenda No. 3 resolved that in response to Two EOI dated 12.01.2019 and 09.02.2019 there was no response. Till the cut of date no Resolution Plan received, as a consequence, has decided to liquidate the assets of the debtor company. Also drawn attention of Agenda 4 through which present RP Mr. Rajeev Bal Sawangikar has consented to work as a Liquidator. Also discussed the Valuation done by the Valuers, however, since the COC has decided to liquidate the assets, therefore, this Bench has no option but to allow this Application under section 33 of the I&B Code. Directed to commence the Liquidation Process henceforth. MA-1709/2019 allowed.
From the side of the Ex-Promoter Director placed on record Affidavit in Reply to the Show Cause issued vide Order dated 01.04.2019. Matter shall be discussed on the next date of hearing.
Matter is listed for hearing on 04.11.2019.