IN RE Vs. VEDIKAT NUT CRAFTS PVT LTD

JUDGEMENT

(1.) This is ail Application (No. 04(PB) /2017) which is taken up with the status report. Both have been filed on 22.12.2017. The prayer made in the application is that the Resolution Professional be permitted to continue as a liquidator by referring the matter to the IBBI in terms section 64(4) of IBC 2016 after approving the resolution plan as proposed by the Committees of Creditors.

(2.) A perusal of the status report shows that petition under section 10 of IBC was admitted on 31.06.2017 and Resolution Professional obtained a copy of the order on 04.07.2017, Thereafter on 07.07.2017 the Resolution Professional issued public notice inviting claims. On 10.07.2017 he appointed two registered valuer M/s. Raj Gupta & Co. and M/s. S. Saluja & Co. It is also appropriate to mention that corrigendum with regard to public notice was issued on 28.07.2017. The list of creditor was prepared on 26.07.2017 and the meeting of Committee of Creditor was called on 03.08.2017 in which the IRP Mr. Hemant Sharma was confirmed to continue as Resolution Professional.

(3.) According to the valuation report submitted by M/s. Raj Gupta, a firm of Charted Accountant, the valuation of current assets have been evaluated at Rs. 6.87 crores and M/s. S. Saluja & co. have assessed the valuation at Rs. 7.35 crores. According to the provision of section 25(2) (h) of IBC, it is duty of the Resolution Professional to invite prospective lenders, investors and any other professional to put forward the resolution plan and the procedure for inviting the Resolution Plan is to float the expression of interest after the valuation has been received.