R.P. Nagrath, Member - (1.) Mr. G.S. Sarin, Practising Company Secretary who represented the Corporate-Debtor Dunn Foods Pvt. Ltd. and filed petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for brevity, the 'Code') is also present. The petition filed by the Corporate-Debtor under Section 10 of the Code, 2016 for initiating the insolvency resolution process was admitted on 02.05.2017 declaring moratorium in terms of Section 14 of the Code and appointing Mr. Krishan Vrind Jain as the Interim Resolution Professional. Thereafter, on the basis of decision of the Committee of Creditors Punjab National Bank had filed application for replacement of the Interim Resolution Professional proposing the name of Mr. Nipan Bansal registered as Interim Resolution Professional with the Insolvency and Bankruptcy Board of India. Mr. Nipan Bansal was appointed as such vide order dated 26.09.2017.
(2.) Ca No.34/2018 has been filed by the Resolution Professional for passing of the order of liquidation under Section 33(1) (b), (i), (ii) and (iii) of the Code.
(3.) This application is based on the decision of the Committee of Creditors taken in the meeting held on 16.01.2018 Annexure RP-1. Vide agenda item No.3 it was resolved that proceedings be taken up for liquidation of the Corporate-Debtor in the absence of any resolution plan having been received.;