- (1.) This Company Application 364/KB/2017 has been filed by the Resolution Professional, Shri Anil Goel in respect of I.B. Case no.C.P.(IB) No. 73/KB/17, Surendra Kumar Joshi -vs- REI Agro Ltd. for extension of the period of Corporate Insolvency Resolution Process (in short, CIRP) by a period of 90 days beyond 26th August, 2017 i.e. 180 days from the CIRP date, in accordance with the provision as laid down in sub-section (2) of section 12 of the Insolvency & Bankruptcy Code, 2016.
(2.) The Resolution Professional has filed this application for extension of time on the basis that the Committee of Creditors in its meeting dated 26m July, 2017 passed a Resolution unanimously (which is more than the required majority of 75%) of the voting shares of the Financial Creditors forming part of the Committee of Creditors ( in short, CoC) to extend the period of Corporate Insolvency Resolution Process beyond 180 days which ends on 26th August, 2017. Copy of the e-voting result is enclosed as Annexure 'E', which shows that 75.18% voting share of CoC supported the Resolution and 10.88% voting share of CoC opposed and 13.94% voting share of CoC abstained from voting.
(3.) Resolution Professional has further stated in the application that he has been appointed as Resolution Professional by an order of the Adjudicating Authority dated 18.05.2017 and in compliance with the order, he took charge from I.R.P. on 22.05.2017. He has further stated that after taking over the charge, he completed all unfinished agenda of CIRP and convened a meeting of CoC on 9lh June 2017. After that, 3rd meeting of CoC took place on 26.07.2017 and during this meeting. Resolution was passed for extension of the period of CIRP beyond 180 days which ends on 26,h August 2017. The reasons given in the application are as mentioned below: 1. That Resolution Professional (RP) took charge from Interim Resolution Professional (IRP) on 22.05.2017; 2. That the Valuers who were appointed by the IRP could not deliver their reports within the stipulated and agreed time because of wide spread locations of land and building, plant and machinery and wind turbine generators The registered valuers submitted their report only in the last week of July and the liquidation value of the corporate debtor was arrived at. 3. The UCO Bank has received a provisional attachment order dated 10th July 2017 from Directorate of Enforcement, Delhi. Ministry of Finance, Government of India, New Delhi whereby all the assets of the corporate debtor have been attached by them under Foreign Exchange Management Act and Prevention of Money Laundering Act. Therefore, it is the obligation of the Resolution Professional to take up the matter with Directorate of Enforcement to safeguard and protect the assets of the corporate debtor to enhance the value available to the financial creditors. 4. He has taken up the matter with the CBI who is investigating on the affairs of the corporate debtor for sharing of information to find out (a) under-valued transactions; (b) preferred transactions; and (c) transaction with the objective of defrauding the creditors. 5. That as per the provisions of section 12(2) of the I.B.C., Resolution Professional is under a legal obligation to examine the Resolution Plan received and thereafter submitted to the CoC for its approval, inter alia, that it does not contravene any of the provisions of law for the time being in force.;