Shri Sachin Bhattbhatt vs Darshan Y. Bhatt

The Applicant is represented through their respective Learned Counsel/PCS(s).

A further affidavit for clarifying the voting percentage of the Committee of Creditors and the date of expiry of the Corporate Insolvency Resolution Process is filed by the Applicant (Resolution Professional) in IA 5 of 2019, which is filed under Section 33 of the Insolvency and Bankruptcy Code, clarifying the Corporate Insolvency Resolution Process and completion of date of Corporate Insolvency Resolution Process and percentage of the voting of the Committee of Creditors's Resolution, so passed for liquidation of the Corporate Debtor Company.

It is submitted that the Corporate Insolvency Resolution Process is over on 21.01.2019 and resolution was passed with unanimously 100% voting.

The detailed order is passed, vide separate sheet.

The instant application is filed under Section 33 & 34 of the Insolvency and Bankruptcy Code by the Resolution Professional, through his Counsel seeking order of the liquidation under Section 33 and 34 of the Insolvency & Bankruptcy Code with such prayer, to pass an order for the liquidation of the Corporate Debtor Company i.e. M/s. Ashok Transformers Pvt. Ltd. wherein Identification no. CIN U32201GJ1974PTC002502 having its registered office at Road No. 12, Udhyog Nagar, Udhna, Surat with the ROC, Ahmedabad, Gujarat, seeking liquidation of the Company.

This Adjudicating Authority, on the basis of petition filed by the Mr. Darshan Y. Bhatt (Operational Creditor) under Section 9 of the Code, commenced the CIRP by appointing Interim Resolution Professional in respect of M/s. Ashok Transformers Pvt. Ltd. Ltd on 25.07.2019.

The COC in its Fourth meeting held on 02.10.2018 resolved that since, the Company has not received any Resolution Plan therefore, the member of the CoC decided to recommend for liquidation of the corporate debtor and accordingly passed a Resolution to go for the liquidation and further resolved to keep continue the Resolution Professional Mr. Mr. Sachin Dinkar Bhattbhatt as a liquidator.

It is also submitted that the period of 180 days provided of Corporate Insolvency Resolution Process is over on 21.01.2019.

We Perused the records and contents of the application along with Annexures and the grounds as mentioned in Forth meeting of the Committee of Creditors’s minutes of the meeting page 91 to 103, this Adjudicating Authority is of a considered view that a liquidation order may be passed in respect of M/s. Ashok Transformers Pvt. Ltd Corporate Debtor Company since, there is an unanimously 100% voting of the members of the COC favouring liquidation process as no resolution plan received. In view of the above, it is hereby directed that

Handwritten signature and date. the liquidator shall issue notice for public announcement stating that the Corporate debtor is under liquidation.

This Adjudicating Authority is hereby appointed the Resolution Professional Mr. Sachin Dinkar Bhattbhatt as 'Liquidator' under section 34(1) of the Code.

The Liquidator shall send an intimation to the Registrar of Companies(ROC), to which the Corporate Debtor Company is registered.

The Liquidator shall expect to act as per Section 35 of Insolvency and Bankruptcy Code, 2016, subject to directions of this Adjudicating Authority.

With the above observation IA 5 of 2019 is allowed and stand disposed of.