IN RE Vs. NICCO CORPORATION LIMITED,

JUDGEMENT

(1.) The company application filed by Nicco Corporation Limited u/s 10 of IBC 2016 was admitted on 18th Jan 2017.Sri Kunal Banerjee appointed as IRP, who was later on confirmed as Resolution Professional by COC. Resolution Process was to be completed by 16/07/2017. By recommendation of COC further 90 days, time was extended on 13.7.2017 for submission of resolution Plan which ended on 14/10/2017.

(2.) Resolution Professional has finally submitted a report on 12th Oct 2017 stating that the Resolution Process has failed in the COC meeting DT.6th Oct 2017.lt is further noted that in the 6th meeting of COC on 6th Oct 2017, the Resolution Plan for the revival of the Corporate Debtor was put to the vote, and 88.38% of the members of the COC voted against the resolution plan, and only 11.62 percent of the members of the COC voted in favour of the Resolution Plan. Thus, the Resolution Plan has failed and not approved by the COC.

(3.) It is pertinent to mention that the advocate representing M/s. Shreekunj Securities Pvt Ltd, the strategic investor, submits that that he has already given a Resolution Plan to the R.P., but no decision was taken on his proposal. He made a request that RP may be directed to call a meeting of COC to consider his proposal.