IN RE Vs. ESSKAY MOTORS PVT LTD

JUDGEMENT

(1.) Mr. Rajeev Mannadiar, the Resolution Professional of Esskay Motors Pvt. Ltd. filed this Application under section 33(2) of the Insolvency & Bankruptcy Code (the Code) , praying for liquidation of the company based on the resolution passed by the complete majority of the Committee of Creditors on 2.11.2017, along with another prayer for appointment of him as the Liquidator for the purpose of liquidation of the company under section 34(1) of the Code.

(2.) The Corporate Debtor M/s. Esskay Motors Pvt. Ltd. was put on in Insolvency Resolution process, on a Petition filed by HDFC Bank Ltd. under section 7 of the Code, by an Order of this Acjudicating Authority dated 29.6.2017. The Applicant herein was appointed as Interim Resolution Professional, he has made a public anncuncement of insolvency resolution process in two newspapers and on the website of Insolvency and Bankruptcy Board of India (IBBI) . In the first meeting of the Committee of Creditors (CoC) held on 31.8.2017, wherein the representative of Financial Creditors, Mr. C. K. Prasad Ex-CMD of Esskay Motors Pvt. Ltd., and Mr. Sanjaya Pradhan, Auditor of Esskay Motors Pvt. Ltd. participated, the Applicant was confirmed as Resolution Professional, Mr. C. K. Prasad who was asked to come forward with concrete proposals for revival of the company failing which, the CoC may consider liquidating the company.

(3.) The Applicant submitted that the claim of Central Bank of India was admitted for Rs. 12,23,31,711/- and the claim of HDFC Bank was admitted for Rs.1,56,25,200/-, thus the total claim filed by the Financial Creditors works out to Rs. 13,79,56,911/-. The Applicant has also prepared the information Memorandum of the Corporate Debtor.