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Judgment
The present application has been filed by Mr. Naga Bhushan Bhagawati, Resolution Professional ("Applicant" or "RP") of M/s. Karuturi Ceramics Private Limited (“Corporate Debtor” or “CD”), under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, (“IB Code” or “Code”) seeking Liquidation of the Corporate Debtor and to appoint the Liquidator.
Brief facts of the Application are as follows:
a. This Tribunal admitted the CD into Corporate Insolvency Resolution Process (“CIRP”) vide its order dated 24.04.2024 and appointed the Applicant herein as Interim resolution Professional (“IRP”). Pursuant to the said CIRP order, the Applicant issued a Public Announcement in FORM-A inviting claims on 28.04.2024.
b. IRP received one (1) claim from the Financial Creditor prior to holding of the first meeting. The IRP verified the claims and constituted Committee of Creditors (“CoC”) on 17.05.2024 as required under section 21(1) of the Code. Accordingly the same was filed before this Tribunal and vide order dated 2.05.2024 passed in IA (IBC)/172/2024 this Tribunal allowed the same.
List of Claims received from Financial Creditors as on 17.05.2024
| S.No. | Name of the Creditor | Claim submitted (in Rs.) | Claim Admitted (in Rs.) | Voting % |
|---|---|---|---|---|
| 1. | State Bank of India | 73,88,23,344 | 73,88,23,344 | 100% |
| 73,88,23,344 | 73,88,23,344 | 100% | ||
c. During the 1st CoC meeting held on 22.05.2024, the CoC confirmed the Applicant herein as the RP. Further in the 2nd CoC meeting held on 10.06.204, the CoC approved the eligibility criteria for Prospective Resolution Applicants (“PRA’s”) and publication of Form –G inviting Expression of Interest (“EoI”). The RP published the Form-G in newspapers on 17.06.2024 and the last date for submission of EoI as 02.07.2024. Considering the poor response for the same, with the approval of the CoC, RP issued Form-G twice on 03.07.2024 and 13.07.2024 and the last date for submission of EoI was extended upto 02.08.2024.
d. During the 3rd CoC meeting held on 24.07.2024, the CoC approved the Request for Resolution Plan (“RFRP”) and Evaluation Matrix. In response to the Form-G, 3 (three) PRAs submitted EOI’s and the final list of PRA’s was published on 12.08.2024 which are as follows:
| S. No. | Name | Address | EoI receipt date |
|---|---|---|---|
| 1. | Resurgent Property Ventures Private Limited | 903-906, 9th Floor, Tower C, Unitech Business Zone, Sector-50, Gurugram, Haryana – 122018. [email protected]. | 02.07.2024 |
| 2. | Siva Chaitanya Saikam | Sy No. 70, Chikkadasarahalli, Bangalore – 562125. [email protected] | 18.07.2024 |
| 3. | Mr. Amit Chaturvedi | 23-16-44, Haripuram, CTRJ Quarters Backside, Karukonda Road, Rajahmundry Urban, East Godavari District, Andhra Pradesh – 533101. [email protected] | 10.07.2024 |
The RP circulated the Information Memorandum and RFRP to all the Resolution Applicants (“RAs”) on 17.08.2024 and the last date for submission of Resolution Plans as 16.09.2024.
e. In the 4th CoC meeting held on 27.08.2024, the CoC approved the revised CIRP budget. The RAs requested the RP to extend the last date for submission of Plans and accordingly, with the approval of the CoC, the last was extended from 16.09.2024 to 23.09.2024 and again from 23.09.2024 to 08.10.2024 and intimated the same to all the RAs.