- (1.) Committee of Creditors, in its 2nd Meeting held on 4th September, 2017, passed a Resolution authorising the Resolution Professional to make an application seeking liquidation of the Corporate Debtor, namely Oasis Textile Limited, in case no Resolution Plan is received within four weeks.
(2.) Pursuant to such Resolution, the Resolution Professional filed this Application seeking an order of liquidation of Corporate Debtor.
(3.) The facts in brief, that are germane for the purpose of this order, are as follows; 3.1. Financial Creditor, Jhaveri Trading And Investment Private Limited, filed CP (IB) No. 27/NCLT/565/2017 seeking Corporate Insolvency Resolution Process (CIRP) . The said Petition has been admitted by this Adjudicating Authority by order dated 31.5.2017. This Adjudicating Authority appointed Mr. Umesh 't.m Harjivandas Ved, as 'Insolvency Resolution Professional' (IRP) under Section 13(1) (a) of the Code. 3.2. The IRP conducted First Meeting of the Committee of Creditors on 28th June, 2017 and constituted a Committee of Creditors and invited claims. The Committee of Creditors constitutes only one Financial Creditor, i.e., Jhaveri Trading And Investment Private Limited. The IRP also prepared Information Memorandum as required by Regulation 36 of The Insolvency and Bankruptcy Board of India (Insolvency Resolution, Process for Corporate Persons) Regulations, 2016 along with Annexures relating to assets, liabilities, material litigation, ongoing investigation or processing, liquidation value and other related information. In the First Meeting of the Committee of Creditors itself, it was decided to continue the IRP as w r 'Resolution Professional' and the same was informed to this Adjudicating Authority vide letter dated 1st July, 2017. 3.3. The Resolution Professional gave an intimation to the Promoters and Financial Creditor seeking Resolution Plan, but no Resolution Plan was proposed either by the Promoter or by the Financial Creditor. It is further stated by the Resolution Professional that the existing assets of the Company consist of shares of some Listed Companies (which are under suspension) and likely refund from Income Tax. There are no other assets available with the Company. In these facts and circumstances, the Resolution Professional filed this Application seeking liquidation order.;