Mohd Sharief Tariq, Member - (1.) This relates to CA/58/IB/2018 filed in CP/531/IB/CB/2017. The CA has been filed by the Resolution Professional (RP) viz., Mr. R. Raghavendran, under Section 33(1) (a) of the Insolvency and Bankruptcy Code, 2016, (in short 'I&B Code, 2016') . The Resolution Professional inter-alia has prayed for passing order for liquidation of the Corporate Debtor viz., M/s. Sri Maharaja Oil Imports & Exports India Pvt. Ltd., public announcement and to notify such order to the Authority with which the Corporate Debtor is registered, i.e., the Registrar of Companies-Tamilnadu, Coimbatore.
(2.) It may be recalled that CP/531/IB/CB/2017 was filed under Section 7 of the I&B Code, 2016 by the Financial Creditor viz., State Bank of India, which was admitted vide Order dated 04.08.2017 and Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor viz., M/s. Sri Maharaja Oil Imports & Exports India Pvt. Ltd. The moratorium was declared and Mr. R. Raghavendran was appointed as Interim Resolution Professional (IRP) in the matter.
(3.) A perusal of record shows that the Committee of Creditors (CoCs) was constituted and the 1st Meeting of the CoCs was conducted on 07.08.2017, wherein the CoCs resolved to continue IRP viz., Mr. R. Raghavendran as RP. In the 2nd, 3rd and 4 Meetings of the CoCs, no Resolution Plan was presented. In the 5th Meeting of CoCs conducted on 28.11.2017, the Financial Creditor viz., State Bank of India, had proposed as follows:- The CoC requests the Resolution Professional to immediately go in for liquidation orders, as the Company operations are closed long back and no primary securities are left. The request is necessitated for the reason that there can be no resolution plan by any White Knight investors in the instant case." A copy of the Minutes of 5th Meeting of CoCs is placed at Page 10 of the typed set filed with the Application.;