IN RE Vs. JODPL PRIVATE LIMITED

JUDGEMENT

(1.) The present Application is filed by the Resolution Professional I of JODPL Private Limited ("the Corporate Debtor") under Section 33(1) (a) of the Insolvency and Bankruptcy Code, 2016 ("Code") seeking an order for liquidation of the Corporate Debtor Company. The Committee of Creditors has approved the same within prescribed period for liquidation of 270 days of corporate insolvency resolution process because the resolution plan for the Corporate Debtor could not be materialized.

(2.) This Tribunal vide its order dated 17Ih March, 2017 admitted the Petition under Section 10 of the Insolvency and Bankruptcy Code had appointed Mr. DinkarT. Venkalasubramanian as an Interim Resolution Professional in respect of Corporate Applicant Company, later on he was confirmed as the resolution professional by the Committee of Creditor.

(3.) The facts which are necessary for disposal of the present petition are that the learned Resolution Professional initiated necessary process through the COC for preparation of the resolution plan for the company. During such process as per the Regulation 35 of the Insolvency and Bankruptcy Board of India (CIR Regulations) 2016, the Resolution Professional appointed two registered valuers, namely Duff & Phelps India Private Limited; and RBSA Valuation Advisors LLP who have submitted their report on valuation dated 24 April, 2017 and 16 May, 2017 respectively.