- (1.) The present Application is filed by the Resolution Professional of RAMAN ISPAT PVT. LIMITED, ("the Corporate Debtor") under Section 33(1) (a) of the Insolvency and Bankruptcy Code, 2016 ("Code") seeking for order of liquidation of the Corporate Debtor Company. It is submitted that the Committee of Creditors has approved for the same within 270 days as prescribed for a Corporate Insolvency Resolution Process because the resolution plan for the Corporate Debtor Company could not be materialized.
(2.) As per record of this Tribunal's order dated 11.04.2017, the present Petition has been admitted under Section 10 of the Insolvency and Bankruptcy Code and appointed Mr. Parveen Bansal as an Interim Resolution Professional in respect of the Corporate Debtor/Corporate Applicant Company, later on he was also confirmed as the Resolution Professional for the Corporate Debtor company by the Committee of Creditors.
(3.) The facts, which are necessary for the disposal of the present application may be stated as under: a. That the Interim Resolution Professional caused a public announcement to this effect on 16.04.2017 in the Times of India, Upcountry Edition and Amar Ujala, Muzaffarnagar Edition where the office of the Corporate Debtor is situated by giving intimation for commencement of Corporate Insolvency resolution process in respect of Corporate Debtor the Raman Ispat Pvt. Ltd. and for calling the creditors to submit their claims alongwith the necessary proof in the prescribed format. b. As the last date for the submission of such claims was 25.04.2017. The Interim Resolution Professional received only one claim from the financial creditor namely the Union Bank of India and the same was collated that apart the IRP neither has received any claims from operational creditors nor from any workmen or employee. c. That the sole member of the Committee of Creditors in its very first meetings dated 16.05.2017, confirmed the appointment of Mr. Praveen Bansal (Interim Resolution Professional) to the Resolution Professional. d. That in the second meeting of committee of creditors dated 11.07.2017, it requested to Mr. Ram Pal Singh, the Managing Director of the Company to submit a resolution plan by next meeting. e. In response thereof, Mr. Ram Pal Singh, the Managing Director of the Company submitted a resolution plan to the Resolution Professional. The same was presented before the (third) meeting of the Committee of Creditors dated 18.09.2017, wherein the sole member of Committee of Creditor informed that he would seek necessary approval from his higher authorities or to suggest some modifications/improvements in the proposed resolution plan. The Corporate Applicant has enclosed a copy of the minutes of the third meeting of the COC with the present petition. It is further submitted that the Union Bank of India has rejected the resolution plan vide its letter dated 22.09.2017. A copy of such letter has also been enclosed with the present petition for perusal. f. It is further submitted that in the fourth meeting of Committee of Creditors held on 04.10.2017, Resolution Applicant revised its offer. The sole member the COC agreed to consider the revised resolution plan. As the period of Corporate Insolvency Resolution was going to over on 08.10.2017. hence, the sole member COC passed a resolution for seeking extension of corporate Insolvency Resolution period, (a copy of the minutes of such meeting is enclosed with the present petition) on such application before this Tribunal has passed an order granting extension of the period of Corporate Insolvency Resolution for another 90 days after 180 days. g. In its fifth meeting dated 13.11.2017 the committee of creditors modified the resolution as presented by Resolution Professional and passed a resolution stating that such resolution plan is accepted subject to written confirmation from Union Bank of India. A Copy of such Resolution and minutes of fifth meeting of committee of creditors is enclosed with the present petition. h. Thereafter the Central Government notified Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 on 23.11.2017 imposing certain restrictions to invite resolution applicants. Hence, Mr. Ram Pal Singh become ineligible to be Resolution Applicant. Thereafter, Resolution Professional invited another resolution of Mr. Harender Singh on similar terms and conditions. His resolution plan was also forwarded to the Union Bank of India on 12.12.2017 for consideration. i. Notwithstanding the above, the Committee of Creditors further rejected the resolution plan in its sixth meeting dated 01.01.2018, on such ground of non-viability of the business. It was also discussed that since the extended period of Corporate Insolvency Resolution Process was due to be over by 05.01.2018. Hence, no other alternative left but to intimate to Adjudicating Authority to initiate for liquidation process of Corporate Debtor. A copy of the minutes along with attendance register and voting registers of sixth meeting of committee of creditors have been enclosed with the present petition.;