AI Structured Summary
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Judgment
IA-1299/2022: Ld. Counsel for the RP submitted that two PRAs came with proposals but both the proposals did not find favour with the CoC and were not approved. He further submitted that subsequently the CoC resolved that the CD should go into Liquidation. The resolution passed by the CoC reads thus:
Resolution No. C-4(c) : To approve liquidation of the Corporate Debtor
"RESOLVED THAT Pursuant to Section 33(2) of Insolvency and Bankruptcy Code, 2016 the Committee of Creditors, hereby approve the liquidation of Corporate Debtor;
RESOLVED FURTHER THAT the Resolution Professional is authorized to file a necessary application before the Adjudicating Authority conveying the decision of the Committee of Creditors to liquidate the Corporate Debtor"
Voting Result
| Sl. No. | Name of CoC Member having Voting Power | Voting Percentage of CoC Member | Percentage of Votes in favour of Resolution | Percentage of Votes against the Resolution | Percentage for who have Abstained from Voting |
|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | ||
| 1. | Central Bank of India | 30.72% | 30.72% | NIL | NIL |
| 2. | State Bank of India | 23.92% | |||
| 3. | Punjab National Bank | 14.86% | 14.86% | NIL | NIL |
| 4. | Union Bank of India | 13.82% | 13.82% | NIL | NIL |
| 5. | Tamilnad Mercantile Bank Limited | 7.78% | NIL | NIL | 7.78% |
| 6. | Bank of Baroda | 5.13% | NIL | 5.13% | NIL |
| 7. | HDFC Bank Limited | 0.01% | NIL | NIL | 0.01% |
| 8. | Kotak Mahindra Prime Limited | 0.11% | 0.11% | NIL | NIL |
| 9. | Muthoot Fincorp | 0.35% | NIL | NIL | NIL |
| 10. | Oxyzo Financial Services Pvt. Ltd. | 0.13% | 0.13% | NIL | NIL |
| 11. | Capfloat Financial Services Pvt. Ltd. | 0.35% | NIL | 0.35% | NIL |
| 12. | HDB Financial Services Limited | 0.08% | 0.08% | NIL | NIL |
| 13. | Tata Capital Financial Services Limited | 0.35% | NIL | 0.35% | NIL |
| 14. | IIFL Finance Limited | 0.13% | NIL | NIL | NIL |
| 15. | Pinnacle Capital Solutions Private Limited | 0.05% | 0.05% | NIL | NIL |
| 16. | IVL Finance Ltd | 0.10% | NIL | NIL | NIL |
| 17. | Reliance Commercial Finance Limited | 0.07% | NIL | NIL | NIL |
| 18. | RBL Bank | 0.09% | NIL | NIL | NIL |
| 19. | Epimoney Private Ltd | 0.03% | NIL | NIL | NIL |
| 20. | ASIIV Finance Limited | 0.92% | 0.92% | NIL | NIL |
| 21. | HDFC Bank Limited | 0.23% | NIL | NIL | NIL |
| 22. | Northern ARC Capital | 0.63% | 0.63% | NIL | NIL |
| 23. | IDFC First Bank | 0.14% | NIL | NIL | NIL |
| Total | 100.00% | 85.24% | 5.83% | 7.79% |
As can be seen from the Resolution, the Liquidation is approved by the CoC with 85.24% votes. In the wake, we are left with no option but order for Liquidation of the CD with immediate effect.
Mr. Manoj Lal Vij has given his written consent, in terms of Section 34(1) of IBC, 2016 to act as Liquidator of the Corporate Debtor. The same is at Page 291-292 of the Application. In view of the same we appoint Mr. Manohar Lal Vij as the Liquidator of the Corporate Debtor.
Let the public announcement, as required under IBC code Qua the CD which has gone into Liquidation, be made. The Liquidator is directed to ensure that all steps as required under IBC Code are taken in respect of the Liquidation. The Liquidator is also directed to pursue the arbitral proceedings on fast-track mode with due diligence.
Let a copy of this order be sent to the authority, with which, the CD is registered, for updating the Master Data.
With this, the IA stands disposed of.