Mohd Sharief Tariq, Member - (1.) Under reference is an Affidavit dated 09.12.2017 filed on 11.12.2017 before this Adjudicating Authority by Mr. R.Venkatakrishnan, who is Resolution Professional for M/s. Auro Mira Energy Company Private Limited, (for short 'Corporate Debtor') , which is under CIRP as per the Order dated 19.06.2017, which has expired on 18.12.2017.
(2.) In the Application, a detail has been given with regard to the meetings of the CoC but during the CIRP no viable plan could be prepared and presented before the CoC. As seen from the record, a Resolution was proposed to be considered for liquidation of the Corporate Debtor in 4th Meeting of the CoC. But some of the members of the CoC were not available in person, so under Regulation 26 of Insolvency and Bankruptcy Board of India (CIRP) Regulations, 2016, the proposal was put for electronic voting. In the electronic voting, the Bank of India approved the liquidation plan with IDBI Bank Ltd and Phoenix ARC Ltd, abstained from voting. In the result, the minimum voting of 75%, as envisaged in Section 21(8) , not having been obtained, the Resolution was deemed to have failed.
(3.) In the light of the facts and circumstances stated in the Affidavit filed by the RP, this Adjudicating Authority in exercise of powers conferred under Section 33(1) (a) of the I&B Code, 2016, proceed to pass order as follows: i. I order for liquidation of the Corporate Debtor viz., M/s. Auro Mira Energy Company Private Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I&B Code, 2016; ii. I appoint RP viz., Mr. R.Venkatakrishnan as Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; iii. The moratorium declared under Section 14 of the I&B Code, 2016, shall cease to have effect from the date of the order of liquidation; iv. Copy of this Order shall be sent to the Registrar of Companies, RD, OL and the Registered Office of the Corporate Debtor. v. Subject to Section 52 of the I&B Code, 2016, no suit or other legal proceedings shall be instituted by/ or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. vi. We make it clear that para (v) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. vii. This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator viii. All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the Liquidator viz., Mr. R.Venkatakrishnan. In addition to this, the Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I&B Code, 2016, r/w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. ix. The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. x. The Liquidator shall be entitled to charge such fee for the conduct of the liquidation proceedings in such a proportion to the value of the liquidation estate assets as may be specified by the Board. Accordingly, the fees of the conduct of the liquidation proceedings shall be paid to the Liquidator from the proceeds of the liquidation estate.;