Allowed

In the matter of Unitek Power Solutions India Ltd. MA-12 & 33-KOB-2019 in CP-91-2018

NCLT6 Dec 2019

Case brief

AI extract

What is this about?

The National Company Law Tribunal, Kochi Bench, approved the liquidation of Unitek Power Solutions (India) Ltd. following a recommendation by the Committee of Creditors. The Tribunal appointed a new liquidator after the original resolution professional resigned and directed the corporate debtor to cooperate.

What did the court decide?

Liquidation of Unitek Power Solutions (India) Ltd. approved; Shri Ramakrishnan Balakrishnan appointed as Liquidator; Corporate Debtor directed to cooperate.

In the matter of Unitek Power Solutions India Ltd. MA-12… — Insolvency and Bankruptcy | NCLT (2019)

MA/33/KOB/2019

ln MA/l2tKOBt2019

cPt91t2018

THE NATIONAL COMPANY LAW TRIBUNAL KOCHI BENCH

MA/33/KOBt2019

MA/I2tKOBt2019

CP 191 1201 I (NCLT Chennai)

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(under sections 33(2) and 60(5)(c) OF lBC 2016)

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Order delivered on 6th Dec 2019

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Coram:

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Hon'ble Shri Ashok Kumar Borah, Member (Judicial)

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Hon'ble ShriVeera Brahma Rao Arekapudi, Member (Technical)

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!n the matter of

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Report of the Resolution Professional ln

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JM Financial Asset Reconstruction Company

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Vs.

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Unitek Power Solutions (lndia) Ltd

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Respondents

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Parties/Counsel present: RP appeared in person Counsel for the petitioners : Nil Counsel for the respondents : Nil

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Page 1 of 5

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MA/33/KOB/20{9 ln MA/l2lKOBt2019

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cPt91t2018

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This MA is filed by the Resolution^{Professionalof UnitekSolutions lndia Ltd., a} registered un-listed Public Limited^{Company having its registered Office at XV} ll/135, Masjid Road, Aluva, Ernakulam^683101.

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This Tribunal has admitted the application^{under section7 of lnsolvencyand} Bankruptcy Code 2016 on^1.1 .2019.^{lncidentally fire broke out at the registered} office of the Company on 25.12.2018^{and the Police had filed report to Judicial} First Class Magistrate after enquiry.^{All the necessaryprocedures as laid down} in the IBC code and lBBl^{(lnsolvency resolution process of Corporate Persons)} Regulations 2016 (CIRP regulations)^{has been complied with till the Hon'ble} High Court of Kerala had stayed the^{proceedingson 25.1.2019.Hon'ble High} Court of Kerala had dismissed^{the OP Civil on 25.9.2019. The matter was then} transferred to this Bench and^{this Tribunal vide order dated 6.11.2019 excluded} 284 days lost in CIR Process^{while the proceedings was stayed by Hon'bleHigh} Court of Kerala. This Tribunal^{has also given specificdirection to complete the} CIR Process within 330 days^{specified in IBC 2016. The corporatedebtor} preferred an appeal before the Hon'ble Supreme Court,^{which was also} dismissed on¹ 3. 11.2019.

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The meeting of the Committee^{of Creditors was held on 11.11.2019and} 26.11.2019. The Resolution Professional^{submits that there was no co-} operation from the Corporate^{Debtor to provide data for preparationof} information Memorandum^{in spiteof repeated requests.}

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to recommend liquidation^{of the Corporate Debtor} share" The reasons furnished for liquidation^are:

Page 2 of 5

MA/33/KOB/2019

MA/l2tKOBt2019

cPt91t2018

(i) Non co-operation of the Corporate Debtor; ( ii) Non-availability of data to RP for preparation of information Memorandum; and

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( iii) The 330 days time line given by Adjudicating Authority for completion of CIR process elapsed on27.11.2019.

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Accordingly, the Resolution Professional prayed as under:

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(A) To accept the recommendations of Committee of Creditors to put the Corporate Debtor under liquidation process.

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(B) lssue appropriate direction to Corporate Debtor for strict compliance of the order of this Tribunal for extending co-operation to the Liquidator appointed in this regard; and

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(C)lssue appropriate orders with regard to release of the leased-out building where the registered office was functioning till 25.12.2018 being the date on which the fire destroyed the building.

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While praying for the above orders the Resolution Professional has also informed this Bench that because of his other engagements he does not want to continue as liquidator in this case and requested to appoint a new liquidator to complete the proceedings.

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Page 3 of 5

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MA/33/KOBt2019 ln MA/l2tKOBt2019

cP191t2018

ORDER

We have gone through the resolution^passed by^{Committeeof Creditors for} liquidation of the Corporate Debtor and also^{the recommendationsof the} Resolution Professional, and hereby order for^{liquidation of the Corporate} Debtor under Section 33(2)^{(5) (6) (7)} of^{lBC, 2016.}

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As the Resolution Professional has expressed^{his inability to continue as} Liquidator, we hereby appoint Shri Ramakrishnan^{Balakrishnan,Chartered} Accountant, having Reg.No.lBBl/lPA/001/lP-P0063312017-2018/11087) residing at Meena Vihar, Calicut^{Road,Valanchery P.O., Malappuram} -⁶⁷⁶ 552, Kerala as Liquidator in this case^{under Section34(7). He is directed to} submit the written consent in specified^{format within 3 days from the date of this} order. The liquidator is^{governed by} Chapter^{lll of Part ll and Section 35 of IBC} Code, in discharge of his duties^{and responsibilitiesas liquidator.}

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g. The liquidator is directed to take necessary steps regarding the release of the leased-out building where the registered^{office of the Corporate Debtor is} functioning.

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The Corporate Debtor is directed^{to complywith the order of this Tribunal and} extend full co-operation to the^{Liquidatorto completethe liquidation processin} a time bound manner.

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' ii,

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Page 4 of 5

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MA/33/KOB/2019 ln MA/l2tKOBl2019 ln

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cPt91t2018

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1 1. Shri Sankar P. Panicker, Resolution Professional is directed to co-operate and hand over all the records to the liquidator which came into his possession as IRP/RP of the Corporate Debtor.

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Dated this the 6th day of December 2019.

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sd/-

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sd/sd/Veera Brahma Rao Arekapudi Ashok Kumar Borah Member (Technical) -.^{.-Member (Judicial)} gg$ld-toiql rue^uclpy

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,/, ktunir^{slii jlit.* rri b u r:} a i M emo No. MA/33/K oB I zoLs I . /.Ni Kochi Bench Date 6.12.2019

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t.^{Shri Ramakrishnan Balakrishnan, CharteredAccountant,residing at Meena} Vihar, Calicut Road, Valanchery P.O., Malappuram - 676 552, Kerala (Liquidator)

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e,^3-l/,; .!r^^),, 0 l^^^'"t, Rl^.

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Page 5 of 5

In the matter of Unitek Power Solutions India Ltd. MA-12 & 33-KOB-2019 in CP-91-2018

Case brief

What is this about?

What did the court decide?

In the matter of Unitek Power Solutions India Ltd. MA-12 & 33-KOB-2019 in CP-91-2018

Case brief

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What did the court decide?

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