AI Structured Summary
Not yet generated for this judgment
Judgment
The present case is filed under Section 33(1) a & 34 of the Insolvency & Bankruptcy Code by the Resolution Professional with the following prayers:
a)to pass order to liquidate the corporate debtor Sarvottam Vegetables Oil Refinery as per Section 33(1) (a) of the Insolvency & Bankruptcy Code.
b)To pass appropriate order for appointment of liquidator of the corporate debtor Sarvottam Vegetables Oil Refinery and also fix the liquidator, as per Section 34 of the Code 2016 corporate debtor.
c)pending hearing and final disposal of the application to pass order for continuation of the Applicant as the Resolution Professional of the corporate debtor.
This Adjudicating Authority on the basis of petition filed by the Adishwar Minerals & Chemicals and Itarsi Oils and Flours Pvt. Ltd. (Operational Creditor) under Section 9 of the Code, commenced the CIRP by appointing IRP.
The COC in its Twelfth meeting held on 03.05.2019 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 recommending for the liquidation of the corporate debtor company and further resolved to keep continue the resolution professional Ms. Teena Saraswat Pandey as a liquidator.
It is also submitted the period of 270 days provided for Corporate Insolvency resolution process is already over on 03.05.2019.
We Perused the contents of the application along with records annexed therewith and the grounds mentioned in the minutes of the meeting and we being Adjudicating Authority is of a considered view that a liquidation order to be passed in respect of Sarvottam Vegetables Oil Refinery, since, the members of the COC with 100% voting has recommended for Liquidation process. In view of the above, it is hereby declared that the corporate debtor company M/s. Sarvottam Vegetables Oil Refinery shall go under Liquidation.
This Adjudicating Authority hereby appoints the resolution professional Ms. Teena Saraswat Pandey as 'Liquidator' under section 34(1) of the Code. The Liquidator shall send an intimation to the Registrar of Companies with which the Corporate Debtor is registered.
The liquidator shall act cause public announcement stating that corporate debtor has gone into liquidation. The Liquidator is further expected to go ahead with the Liquidation process as per the provisions of the Insolvency and Bankruptcy Code, 2016, subject to further direction of this Adjudicating Authority, which may be issued time to time.
With the aforesaid direction/observation, the present IA No. 304 of 2019 is allowed and accordingly stands disposed of.