IN RE Vs. HIND MOTORS, MOHALI PVT LTD

JUDGEMENT

(1.) In CP (IB) No.03/Chd/2017, which was admitted by this Tribunal vide orderdated 20.02.2017, the Resolution Professional has filed his progress report with the minutes of the meeting of the committee of creditors dated 17.08.2017 recommending the liquidation of the company. The period of 180 days as provided under Section 12 of the Insolvency & Bankruptcy Code, 2016 expired on 19.08.2017. In the minutes of the meeting of creditors, it is recorded that the promoter director of the company, who was present in the meeting in execution of the production warrants had otherwise submitted a resolution plan on 17.08.2017 before the committee of creditors. Since the consequence seems to be the passing of order of liquidation, there being no application for extension of time requested by the committee of creditors, the matter be fixed for 12.09.2017. Notice be issued to Mr.Rakesh Bhatia, Advocate, the learned counsel representing the corporate debtor.