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In the matter of Ex-Servicemens Multipurpose Services (India) Pvt. Ltd.

National Company Law Tribunal17 September 2019

Ratio decidendi

The rule this decision rests on

The order rests on one principle, applied to the Committee of Creditors' decision recorded in the minutes of its meeting held on 26.04.2019: where the Committee of Creditors has resolved to liquidate the corporate debtor after no resolution plan was received in response to the expressions of interest, the Adjudicating Authority has no discretion to refuse, and must allow an application under section 33 of the Insolvency and Bankruptcy Code, 2016 and direct commencement of the liquidation process.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

IN THE NATIONAL COMPANY LAW TRIBUNALMUMBAI BENCH(12) MA-1101/2019 MA-1701/2019In C.P. (IB)-1638(MB)/2017CORAM: SHRI M.K. SHRAWATMEMBER (J)SHRI CHANDRA BHAN SINGHMember (Technical)ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONALCOMPANY LAW TRIBUNAL ON 17.09.2019NAME OF THE PARTIES: Archit KaushalV/s.Ex-Servicemans Multipurpose Services India Pvt Ltd.SECTION: 9 60(5) OF THE INSOLVENCY AND BANKRUPTCY CODE.

ORDER 1. The Learned Representatives for Bank and Ex-Director of the Corporate Debtor are present. RP Mr. Rajeev Bal Sawangikar is present in person. 2. MA-1101/2019 – This is an Application by the Ex-IRP. Discussed with the RP present. In this Application the outstanding amount is only for the period of 04.06.2018 to 13.07.2018 for which invoices amounting to Rs. 1,52,000/- is placed on record. 3. However, on mutual consent to settle the issue decided that out of the bank balance available the RP shall issue a cheque of Rupees One Lakh favouring the RP to be paid by 10.10.2019. With these observations MA-1101/2019 disposed of accordingly. 4. MA-1709/2019 – This is an Application for seeking an Order under section 33(1) of I&B Code. Placed on record COC Meeting held on 26.04.2019 through which Agenda No. 3 resolved that in response to Two EOI dated 12.01.2019 and 09.02.2019 there was no response. Till the cut of date no Resolution Plan received, as a consequence, has decided to liquidate the assets of the debtor company. Also drawn attention of Agenda 4 through which present RP Mr. Rajeev Bal Sawangikar has consented to work as a Liquidator. Also discussed the Valuation done by the Valuers, however, since the COC has decided to ..2..

-2-liquidate the assets, therefore, this Bench has no option but to allow this Application under section 33 of the I&B Code. Directed to commence the Liquidation Process henceforth. MA-1709/2019 allowed. 5. From the side of the Ex-Promoter Director placed on record Affidavit in Reply to the Show Cause issued vide Order dated 01.04.2019. Matter shall be discussed on the next date of hearing. 6. Matter is listed for hearing on 04.11.2019. Sd/- Sd/- CHANDRA BHAN SINGH M.K. SHRAWAT Member (Technical) Member (Judicial) 17.09.2019 Aah

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