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Judgment
ORDER
CA 803/2019 has been filed by the RP under Section 33 of the IBC praying for directions for liquidating the assets of the Corporate Debtor. Ld. Counsel submits that despite inviting the expression of interest repeatedly, no resolution applicant has proposed any plan. The period of 270 days, even after exclusion of 40 days as earlier directed, has also lapsed.
The COC in its meeting dated 28th May, 2019 has directed the RP to file the present petition for liquidating the assets of the Corporate Debtor. The said resolution has been approved unanimously by the 2 Financial Creditors, namely, SBI and Axis Bank.
Notice of this application is being accepted by Mr. Shubham Jain, Ex- Directors.
In view of the decision taken by the COC and under the facts and circumstances of the case, the process has to culminate in liquidation. This application is duly annexed with the affidavit of the RP. In view of the same, there is no legal impediment in allowing the prayer made by the applicant.
This prayer is allowed. The consent of the RP, Mr. Brijender Singh Jaiswal to be liquidator in this case is on record. We accordingly confirm the appointment of Mr. Brijender Singh Jaiswal as the Liquidator in this case.
Mr. Mohit Singh, Ld. Counsel appearing on behalf of the Operational Creditor submits that the cost of Rs. 2 lakhs paid for initiating the process has not been reimbursed to him. There is no cogent explanation as to why the members of the COC could not reimburse the entire amount sent by the Operational Creditor expeditiously. This amount is to be recovered as the CIR costs and is not required to be borne by the Operational Creditor.
A compliance report be filed within 2 days in this respect. The RP is directed to be present in present before this Bench on 12th July, 2019.
One of the Ex-Directors is present in person. He submits that he has resigned way back. The other Director who is his father is not present. Under such circumstances, his statement that he is not aware of the financial statements of the company which is unacceptable. The Ex-Director present in court is bound to be present in court tomorrow.
To come up on 12th July, 2019.