IN RE Vs. C S ROHIT JAIN

JUDGEMENT

(1.) It is an application filed by the Interim Resolution professional seeking a liquidation order of the Corporate Debtor on the ground that Committee of Creditors has not approved any Resolution Plan as provided under Section 33 of the Insolvency and Bankruptcy Code, 2016.

(2.) The Corporate Debtor made a petition for initiation of Corporate Insolvency Resolution process under Section 10 of the Code and an admission order was passed by this Adjudicating Authority on 3.4.2017 wherein moratorium was declared under Section 14 of the Code and appointing CS Rohit Jain as Interim Resolution Professional.

(3.) The applicant says that First meeting of COC was held on 11.5.2017 at Nagpur, wherein 12 Financial Creditors attended the meeting, In the said meeting only resolution regarding Insolvency Resolution cost was approved by the COC, wherein the remaining two resolutions pertaining to appointment of IRP as RP and authorising IRP for debit transactions without permission of the COC, were rejected.