IN RE Vs. V NAGARAJAN

JUDGEMENT

(1.) Under reference is a memo filed by the RP before this Adjudicating Authority by Mr. V. Nagarajan, who is Resolution Professional for M/s. Boss Profiles Limited, (for short 'Corporate Debtor') , which is under CIRP as per the Order dated 05.09.2017.

(2.) In the Application, details have been given with regard to the meetings of the CoC. It is seen from the application that no viable Corporate Resolution Plan could be evolved and presented before the CoC. As seen from the records, a Resolution was proposed and considered for liquidation of the Corporate Debtor in Meeting of the CoC conducted on 12.09.2017 and was passed unanimously. In the said meeting, it has been stated in the application, Mr. Shaikh Akhtar Ali, Ex Director of Boss Profiles Limited was of the firm opinion that it will not be possible to restart the business as the overhauling of plant and machineries and factory equipment may take more amounts of time and energy and with their present conditions it may not be possible to restart the same and it has also been mentioned that it will not be possible for the corporate debtor to make a break even or earn profits after servicing the heavy interest costs.

(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: