Sr.
No.",Particulars,Filed vide
1.,1st Meeting held on 30.10.2019,"Diary No. 2635/2019 dated
08.11.2019
2.,2nd Meeting held on 02.11.2019,
3.,3rd Meeting held on 02.12.2019,"Diary No. 2960/2019 dated
16.12.2019
4.,4th Meeting held on 11.12.2019,
5.,5th Meeting held on 04.01.2020,"Diary  No.  287/2020 Â
dated 10.02.2020
6.,6th Meeting held on 16.01.2020,
7.,7th Meeting held on 09.03.2020,"Diary  No.  538/2020 Â
dated 18.03.2020
8.,8th Meeting held on 27.08.2020,"Diary  No.  949/2020 Â
dated 12.10.2020
9.,9th Meeting held on 29.08.2020,
10.,10th Meeting held on 14.09.2020,
11.,11th Meeting held on 28.09.2020,
12.,12th Meeting held on 30.09.2020,
13.,13th Meeting held on 27.11.2021,"Diary No. 2738/2021 dated
15.12.2021
14.,14th Meeting held on 31.11.2021,
15.,15th Meeting held on 03.12.2021,
debtor with no Resolution Plan forthcoming would be a business decision falling within the domain of commercial wisdom of the COC which is not amenable to,,
judicial reviewâ€.,,
However, whether the relevant Application is filed within stipulated timelines as per the applicable procedure is to be seen.",,
10. The prescribed period for filing Applicationâ€" In the present case, the Application under Section 9 of the Code was admitted on 30.09.2019,",,
and the RP filed the present Application on 12.10.2020. Accordingly, the date for completion of CIRP was 31.12.2021. Hence, the present application",,
is filed within the prescribed period. In view, the Application under consideration is taken up under Section 33(2) of the Code.",,
11. Appointment of Liquidator and fee to be paidâ€" Section 34(1) of the Code provides that where the Adjudicating Authority passesÂ,,
an order for liquidation of the Corporate Debtor under Section 33, the Resolution Professional appointed for the Corporate Insolvency Resolution",,
Process shall, subject to submission of written consent act as the Liquidator for liquidation. The relevant provisions of Section 34(1) of the Code are as",,
follows: -,,
“(1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under Section 33, the resolution professional appointed for the",,
corporate insolvency resolution process under Chapter II shall, subject to submission of written consent by the resolution professional to the Adjudicating",,
Authority in specified form, shall act as the liquidator for the purpose of liquidation unless replaced by the Adjudicating Authority under sub-section (4)â€.",,
12. The CoC in its 12th meeting dated 30.09.2020 has resolved by 100% voting to replace present RP, Mr. Rajeev Sharma with Mr. Jai Prakash",,
Rawat having registration No. IBBI/IPA-001/IP-P-01969/2020-21/13039 to act as Liquidator and Mr. Jai Prakash Rawat has also given his consent,,
letter dated 30.09.2020 which is at page 57 of the application. It is noted that liquidation proceedings herein, at the instance of the resolution passed by",,
the CoC, are automatically initiated due to prescription of statute. Therefore, Mr. Jai Prakash Rawat is appointed as the Liquidator.",,
13. It is also seen that Regulation 39B, 39C and 39D in the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate",,
Persons) Regulations, 2016 (‘CIRP Regulations’) have been inserted by notification No. IBBI/2019-20/GN/REG/048 dated 25.07.2019.",,
Relevant aspects in this respect are examined hereunder.,,
14. Liquidation Cost (Regulation 39B of CIRP Regulations, 2016 )- The CoC has not decided on the estimated liquidation cost. Therefore, it is",,
directed that the liquidation costs will be taken on an actual basis which will be approved by the stakeholders’ committee formed during the,,
liquidation of the Corporate Debtor. The Liquidator is, therefore, directed to take necessary action under Regulation 2A of the IBBI (Liquidation",,
Process) Regulations, 2016 regarding contributions to liquidation costs. The Liquidator is directed to place on record the valuation reports along with",,
the status report of the assets owned by the Corporate Debtor within two weeks of this order.,,
15. Assessment of sale as a going concern (Regulation 39C of CIRP Regulations, 2016) â€" The CoC shall consider/discuss the selling of the",,
Corporate Debtor as a going concern, as the first option or selling the business(s) of the Corporate Debtor as a going concern, as the second option,",,
before exploring other options as per Regulations 32 & 32A of IBBI (Liquidation Process) Regulations, 2016 and Regulation 39C of CIRP",,
Regulations. The Liquidator shall submit a report regarding the same before this Authority,,
16. The fee of the Liquidator (Regulation 39D of CIRP Regulations, 2016 )â€" The CoC in its 12th meeting fixed the fee of the Liquidator to Rs.",,
50,000/- (Rupees Fifty Thousand Only) per month. Taxes and expenses like out of pocket expenses, publications expenses, valuations, travelling",,
expenses, advocate charges, court fees, conveyance expenses and other inter connected expenses that will be extra will be paid on actual basis.",,
17. In view of the satisfaction of the conditions provided under Section 33(1) of the Code, the Corporate Debtor namely M/s R.S. Motors Private",,
Limited is directed to be liquidated in the manner as laid down in Chapter III of the Code. The contextual directions inter-alia include: -,,
(i) As per Section 33(5) of the Code and subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor;",,
Provided that a suit or other legal proceedings may be instituted by Liquidator on behalf of Corporate Debtor, with the prior approval of the Adjudicating Authority;",,
(ii) The provisions of sub-section (5) of Section 33 of the Code shall not apply to legal proceedings concerning such transactions as may be notified by the Central,,
Government in consultation with any financial sector regulator;,,
(iii) This order of liquidation under Section 33 of Code shall be deemed as notice of discharge to the officers, employees and workmen of the Corporate Debtor;",,
(iv) All the powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have an effect and",,
shall be vested in the Liquidator;,,
(v) The personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the,,
Corporate Debtor, and provisions of Section 19 of the Code shall apply concerning liquidation process as they apply with CIR process with the substitution of",,
references to the Resolution Professional for the Liquidator;,,
(vi) The Liquidator shall publish a public announcement per Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 and in Form B of Schedule II of these",,
Regulations within five days from receipt of this order calling upon the stakeholders to submit their claims as on liquidation commencement date and provide the last,,
date for submission of claim which shall be 30 days from the liquidation commencement date;,,
(vii) Under Regulation 13 of the IBBI (Liquidation Process) Regulations, 2016, the Liquidator shall file his preliminary report within 75 days and regular progress",,
reports according to Regulation 15.,,
18. In view of the foregoing, IA No. 325/IPR/2020 is disposed of. Copy of this order is supplied to the counsel for the Applicant, the Liquidator and",,
the Registrar of Companies forthwith. The Registry is also directed to send a copy of this order to the Liquidator at his e-mail address.,,
IA No. 433/JPR/2021,,
This is an Application under Section 12(2) of the IBC, 2016 read with Regulation 40 of the IBBI (Insolvency Resolution Process for Corporate",,
Person) Regulations, 2016 filed by the Sh. Rajeev Sharma, Resolution Professional of the Corporate Debtor namely M/s R.S. Motors Private Limited",,
praying therein to extend the period of the Corporate Insolvency Resolution Process for 60 days beyond 270 days.,,
In view of the foregoing order passed in IA-325/JPR/2020 initiating Liquidation against the Corporate Debtor namely M/s R.S. Motors Private,,
Limited, the present IA bearing IA No.433/JPR/2021 has become infructuous. Accordingly, the same is dismissed being infructuous.",,
