Ch. Mohd Sharief Tariq, Member - (1.) This relates to CA/56/IB/2017 and CA/23/IB/2017 in CP/505/IB/CB/2017, filed by the Resolution Professional (RP) viz., Mr. Sankar P. Panicker, under Section 33(1) (a) of the Insolvency and Bankruptcy Code, 2016, (in short 'I&B Code, 2016') , for liquidation of the assets of the Corporate Debtor viz., M/s. Orieon Kuries and Loans Private Limited, that has been undergoing Corporate Insolvency Resolution Process (CIRP) since 10.07.2017.
(2.) It may be recalled that CP/505/IB/CB/2017 was filed under Section 7 of the I&B Code, 2016, which was admitted vide Order dated 10.07.2017, when the CIRP was initiated against the Corporate Debtor viz., M/s. Orieon Kuries and Loans Private Limited. The moratorium was declared and Mr. Sankar P. Panicker was appointed as Interim Resolution Professional (IRP) in the matter.
(3.) The Committee of Creditors (CoC) was constituted and 1st Meeting of the CoC was conducted on 16.08.2017, wherein as per Item No.4, the CoC resolved to continue IRP viz., Mr. Sankar P. Panicker as RP with the proposed remuneration of Rs.70,000/- per month each for five months plus reimbursement of out of pocket expenses at actual amount. It was also resolved to ratify and reimburse the legal and filing charges to the Financial Creditor to the extent of Rs. 1,00,000/-. Thereafter, the impossibility of electronic voting in the matter has been brought to the notice of this Adjudicating Authority which, vide Order,^. dated 14.09.2017 had directed to conduct manual voting.;