ORDER

[Per: Hon’ble Shri Prasanta Kumar Mohanty, Member (T)]

1. This IA has been filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 on behalf of the Resolution Professional, seeking the following reliefs:

a. Pass an order for liquidation of the Corporate Debtor in terms of Section 33 of the Code.

b. Appoint the Applicant/ Mr. Amit Pareek, Resolution Professional of the Corporate Debtor as the Liquidator of the Corporate Debtor,

c. Approve the Liquidator fee to be paid in accordance with Regulation 4(2)(b) of the IBBI (Liquidation Process) Regulations, 2016 as approved by the by the Committee of Creditors in its sixth (6) COC meeting dated 02.02.2023

2. The Applicant submits that:

2.1 This Tribunal vide Order dated 30.09.2022 allowed the Application of the aforesaid Operational Creditor filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 for initiation of Corporate Insolvency Resolution Process against CD- Matiz Metals Pvt. Ltd. and accordingly, appointed Mr. Amit Pareek as the Interim Resolution Professional-IRP.

2.2 As mandated under Section 15 of the Code and in terms of Regulation 6(1) of the CIRP Regulations, the Public Announcement of initiation of CIRP of Corporate Debtor, appointment of the IRP and invitation of claim(s) from creditor(s) were made on 07.10.2022 in prescribed format "FORM A" which was published in newspaper The Shillong Times and Rupang (English & Regional Language) having wide circulation in Meghalaya. The last date of submission of claim was fixed as 14.10.2022.

2.3 Pursuant to the aforesaid Public Announcement dated 06.10.2022, claim of only one (1) operational creditor i.e. Anvi Metcorp Private Limited was received of Rs 1,26, 96,154.00 and no claim from any of the claimant was received. Subsequently, after verification from the available records claim of Rs. 1, 13, 47,510.00 was admitted. Thus, as per the regulation 16 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016, the Committee of Creditor was constituted on 21.10.2022 with Anvi Metcorp Pvt. Ltd., being the Operational Creditors of the Corporate Debtor, in absence of any financial creditor, as the member of Committee of Creditor. Subsequently, the IRP filed its Report dated 21.10.2022 under Regulation 17(1) of the CIRP Regulation qua constitution of COC vide e› filing diary no. 1806125000412022/7 dated 21.10.2022 before this Tribunal.

2.4 The First Meeting of COC was held on 27.10.2022 through virtual & physical mode wherein Anvi Metcorp Pvt Ltd., through its Authorised representative, Mr. Bhavesh Rathod, member of COC having voting share of 100.00% and Mr. Surendra Kumar Girdhailal Agarwal, suspended BOD of CD attended the meeting via video conferencing. IRP apprised the COC that only one claim from the operational creditor is received till 21.10.2022. Further in the meeting, various other agenda such as ratifying the fees of the IRP, appointment of IRP as Resolution Professional, appointment of Transaction Auditor and Registered Valuers, and to authorize RP to hold future meetings of COC at shorter notice of not less than 24 hours and to ratify the CIRP costs incurred by the IRP since commencement of CIRP till 27.10.2022 i.e., the 1^st meeting of CoC, were discussed and subsequently, resolution in respect of the same were placed before the COC for voting. The COC approved the resolutions qua fixing the remuneration fees of the IRP, and to hold meetings of COC at shorter notice of not less than 24 hours and to ratify the CIRP costs incurred by the IRP since commencement of CIRP till 27.10.2022. However, appointment of IRP as the Resolution Professional u/s. 22(3) (a) of the Code was deferred for voting by CoC in the 1st COC meeting.

2.5 The second CoC meeting was then held on 13.11.2022 wherein the COC member attended the meeting through audio-visual mode. In the said meeting, IRP requested the suspended BOD to provide the brief details of the legal matter re