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Judgment
ORDER
IA(I.B.C)/ 47 (CH) 2024
This application is filed for passing the order of liquidation of the corporate debtor and appointment of Liquidator of the corporate debtor. Ld. counsel for the RP submitted that that in the 12th Meeting of the CoC held on 18.11.2023 vide Agenda item No. 7, the CoC has resolved to liquidate the corporate debtor with 81.76 per cent voting share (as per Page No.57) of the application. In terms of the above, the corporate debtor is ordered to be liquidated. As per the provisions of the Code, Mr. Parvinder Singh having Registration No. IBBI/IPA-001/IP-P01603/2019-2020/12468 is appointed as the Liquidator of the Corporate Debtor to carry out the liquidation process inter alia in terms of the following directions:
The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 (viz. Sections 35, 36, 38, 39 and 41 thereof) and other relevant rules and Regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended up to date, enjoined upon him.
The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/employees and workers of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge.
The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to preferential transactions/ undervalued transactions and such other like transactions including fraudulent preferences and file a suitable application before this Adjudicating Authority.
In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation.
The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence.
The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section - 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company applications during the process of liquidation.
The Liquidator shall submit a Preliminary report to this Tribunal within 75 (seventy-five) days from the liquidation commencement date as per regulation. 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. Further such other or further reports as are required to be filed under the relevant Regulations, in addition, shall also be duly filed by him with this Adjudicating Authority.
Copy of this order be sent to the financial creditors, Corporate Debtor and the Liquidator for taking necessary steps and for extending the necessary cooperation in relation to the Liquidation process of the Corporate Debtor, viz., company-in-liquidation.
The Registry is directed to communicate this order to the Registrar of Companies, having jurisdiction over the Corporate Debtor and the Insolvency and Bankruptcy Board of India;
It goes without saying that fee of the Liquidator would be payable in terms of the provisions of Section 34 (7) of the IBC, 2016 read with Regulation 4 of IBBI (Liquidation Process) Regulation 2016.
Thus, IA(I.B.C)/47(CH) 2024 is allowed and disposed of accordingly.
IA(I.B.C)/ 1947 (CH) 2023
This is an application filed by the RP under Section 19(2) of the Code with the following prayers:
a)Direct the Respondents of the Corporate Debtor to provide and grant excess to the information as sought by the Resolution professional/applicant;
b)Direct the respondents to extend and provide all assistance and cooperation to the Resolution professional/applicant as may be required by him from time to time for managing the affair of Corporate Debtor;
c)Directions be issued to the Respondents for extending cooperation in order to assure the compliances of Corporate Debtor under all applicable laws during the period of CIRP of the CD;
d)Pass any other order, direction as may be deemed fit by this Hon'ble Tribunal in the peculiar facts and circumstances of the case narrated above, in the interest of justice.
Ld. Counsel appearing for respondent No.6 submits that she has already supplied the information which is available with them. However, the Ld. Counsel appearing on behalf of RP submits that they had supplied the information to the earlier counsel and the same may be supplied to him. Ld. Counsel for the respondent no. 6 undertakes to supply the information available with the auditor to the Ld. Counsel for the RP during the course of the day. Ld. Counsel appearing for the respondent No.6 further submits that the reply has been e-filed. Let the hard copy of the same be filed during the course of the day with a copy in advance to the counsel opposite. Rest of the respondents are proceeded ex-parte. All the respondents are directed to supply the information and hand over the assets and documents to RP within a period of next three weeks without further delay. Thus, IA(I.B.C)/ 1947 (CH) 2023 is disposed of accordingly.
IA(I.B.C)/ 2293 (CH) 2023
This is an application filed by RP under Section 66(1) of the Code. Ld. counsel for the parties are directed to ensure the completion of pleadings. Let the matter be listed on 12.08.2024.
IA(I.B.C)/ 2831(CH) 2023
In view of the order passed in IA No.47/2024, it is stated by Ld. Counsel for the RP that the present application is rendered infructuous and disposed of accordingly.
IA(I.B.C)/ 2658 (CH) 2023
This application has been filed to place on record the progress report for the period from 01.10.2023 to 15.10.2023. The same is taken on record subject to just exceptions. Thus, IA(I.B.C)/ 2658 (CH) 2023 is disposed of accordingly.
IA(I.B.C) /2663 (CH) 2023
This application has been filed to place on record the progress report for the period from 16.10.2023 to 31.10.2023. The same is taken on record subject to just exceptions. Thus, IA(I.B.C) /2663 (CH) 2023 is disposed of accordingly.
IA(I.B.C)/ 2482 (CH) 2023
This application has been filed to place on record the progress report for the period from 16.09.2023 to 30.09.2023. The same is taken on record subject to just exceptions. Thus, IA(I.B.C)/ 2482 (CH) 2023 is disposed of accordingly.
IA(I.B.C)/ 2510 (CH) 2023
This application has been filed to place on record the progress report for the period from 01.04.2023 to 31.07.2023. The same is taken on record subject to just exceptions. Thus, IA(I.B.C)/ 2510 (CH) 2023 is disposed of accordingly.
IA(I.B.C)/ 2829 (CH) 2023
This application has been filed to place on record the progress report for the period from 01.11.2023 to 09.11.2023. The same is taken on record subject to just exceptions. Thus, IA(I.B.C)/ 2829 (CH) 2023 is disposed of accordingly.
IA(I.B.C)/757 (CH)2024
This application has been filed to place on record the progress report for the period from 05.01.2024 to 27.02.2024. The same is taken on record subject to just exceptions. Thus, IA(I.B.C)/757 (CH)2024 is disposed of accordingly.