Wipro Ltd. vs Rahul Commerce Pvt. Ltd

Ld Counsel for the applicant present.

The CIRP of the corporate debtor commenced on 16^th March, 2020 vide the said order of admission and the applicant herein was appointed as Interim Resolution Professional.

The applicant had filed an application on 4^th February, 2022 praying for exclusion of 544 days from the calculation of the 180 days CIRP period. The said petition was numbered as IA 124/KB/2022. The said application was listed on 10^th February, 2022 when this Adjudicating Authority directed the exclusion of 550 days from the calculation of 180 days CIRP period. The CIRP period has expired on 14^th March, 2022.

After the exclusion was granted, the 4^th CoC meeting was held on 24^th February, 2022 when the progress was chalked out and the way ahead was decided. However due to the continuous ill health and non-participation of the Director in the CIRP of the corporate debtor, there was no progress from 10^th February, 2022 till March, 2022. The 180 days period concluded on 14^th March, 2022.

Since there was no progress in the CIRP and since there could not be any material progress in the CIRP of the corporate debtor, the CoC in its 5^th CoC meeting held on 5^th April, 2022 approved the liquidation with 100% voting of the CoC.

After considering the submissions advanced by the learned counsel for the resolution professional we hereby grant exclusion of 30 days in calculating 180 days CIRP and direct to initiate the liquidation of the corporate debtor.

The RP has given consent to act as liquidator.

The liquidator shall initiate liquidation process as envisaged under Chapter-III of the Code and the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

Public Notice shall be issued in the same newspapers in which advertisements were issued earlier, i.e., Financial Express (English) and Ek Din (Bengali) (Kolkata edition), stating that the Corporate Debtor is in liquidation.

All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liquidator.

The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the liquidator as required by him in managing the liquidation process of the Corporate Debtor.

On initiation of the liquidation process and subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code.

In accordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator.

In terms of section 33(1)(b)(iii), the Liquidator shall file a copy of this Order with the Registrar of Companies, West Bengal, Kolkata, within whose jurisdiction the Corporate Debtor is registered. Additionally, the Registry shall also forward a copy of this Order to the Registrar of Companies, West Bengal.

The Registry is directed to send e-mail of the order forthwith to all the parties and their learned counsel for information and for taking necessary steps.

Certified copy of this order may be issued, if applied for, upon compliance of all requisite formalities.

The application bearing IA(IBC) 413/KB/2022 shall stand disposed of in accordance with the above directions.

List this main CP on 26.07.2022 for reporting progress.