IN RE Vs. HIND MOTORS INDIA LIMITED

JUDGEMENT

(1.) Cp (IB) NO. 06/Chd/2017 filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (for brevity, the Code) was admitted on 09.03.2017 declaring moratorium in terms of Section 14 of the Code and appointing Mr. Krishan Vrind Jain as the Interim Resolution Professional with necessary directions. The first meeting of Committee of Creditors was held on 07.04.2017 and Mr. Krishan Vrind Jain was confirmed as the Resolution Professional. Mr. Krishan Vrind Jain has been holding the meetings of the Committee of Creditors on regular intervals and sending the progress reports to this Tribunal. The first meeting was held after constitution of the Committee of Creditors comprising of Union Bank of India. ICICI Bank, SIDBI and Fixed Deposit holders. The claims were submitted to the Resolution Professional by the creditors on the basis of public announcement made on 12.03.2017. The Resolution Professional held the meeting of Committee of Creditors on 07.04.2017, 24.04.2017, 24.07,2017, 02.08.2017, 11.08,2017, 17 08.2017, 29.08.2017 and 04.09,2017 for which the reports were sent from time to time. The last meeting of Committee of Creditors was held on 04.09.2017 wherein the following resolution was passed:

(2.) The resolutions were passed with 78,49% in favour of the resolution for liquidation of the company by rejecting resolution plan presented by Mr Naresh Aggarwal, representative of Mr. Ashish Mohan Gupta who was director of the company Before that, the meeting was scheduled for 29.08.2017. Mr. Ashish Mohan Gupta was brought for attending meeting of committee of creditors on production warrants issued by this Tribunal as he was in custody since 08.04.2017 in an FIR. That order was passed by this Tribunal on 24.08.2017 as Adjudicating Authority and the meeting was attended by Mr, Ashish Mohan Gupta. The resolution plan which was presented by Mr. Ashish Mohan Gupta on 29.08.2017 was again pressed by his representative in the meeting of COC on 04.09.2017. He also requested the COC for granting 90 days more to come up with some workable plan in accordance with regulations framed under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 but failed to amend the resolution plan which was presented on 29.08.2017. The copy of the resolution plan was attached with the minutes of the meeting of Committee of Creditor dated 04.09.2017 also. The plan was rejected by the Committee of Creditor and it recommended that the company should be wound up/liquidated. The Resolution Professional fled intimation to this Tribunal along with copy of minutes of meeting of Committee of Creditors with the request for passing necessary orders.

(3.) Learned counsel for the applicant representing Mr. Ashish Mohan Gupta has filed CA No. 138/2017 explaining the circumstances for providing another opportunity to persuade the Committee of Creditors on the resolution plan and to extend the period of completion of insolvency resolution process in accordance with Rule 12 (2) of the Code.