IN RE Vs. R VENKATAKRISHNAN

JUDGEMENT

(1.) Under reference is an Affidavit dated 09.12.2017 filed on 11.12.2017 before this Adjudicating Authority by Mr. R.Venkatakrishnan, who is Resolution Professional for M/s. Auro Mira Energy Company Private Limited, (for short 'Corporate Debtor') , which is under CIRP as per the Order dated 19.06.2017, which has expired on 18.12.2017.

(2.) In the Application, a detail has been given with regard to the meetings of the CoC but during the CIRP no viable plan could be prepared and presented before the CoC. As seen from the record, a Resolution was proposed to be considered for liquidation of the Corporate Debtor in 4th Meeting of the CoC. But some of the members of the CoC were not available in person, so under Regulation 26 of Insolvency and Bankruptcy Board of India (CIRP) Regulations, 2016, the proposal was put for electronic voting. In the electronic voting, the Bank of India approved the liquidation plan with IDBI Bank Ltd and Phoenix ARC Ltd, abstained from voting. In the result, the minimum voting of 75%, as envisaged in Section 21(8) , not having been obtained, the Resolution was deemed to have failed.

(3.) In the light of the facts and circumstances stated in the Affidavit filed by the RP, this Adjudicating Authority in exercise of powers conferred under Section 33(1) (a) of the I&B Code, 2016, proceed to pass order as follows: