Liquidation proceedings continue under the Insolvency and Bankruptcy Code due to non-compliance of resolution plans, with a new liquidator appointed to oversee the process.

ORDER

(Heard Through Hybrid Mode)

1. This is an application filed under Section 33 (2) of the Insolvency and Bankruptcy Code, 2016 seeking reliefs as follows:

“1. Pass appropriate order that the Corporate Debtor i.e., Eshakti.com Private Limited be liquidated in the manner as laid down under the Code.

2. Appoint Mr. L. Bhadri, Insolvency Professional, with IBBI Reg. No: IBBI/1PA-001/1P-P-02059/2020-2021/13245, as the Liquidator of the Corporate Debtor.

3. Pass any other order that this Tribunal deems fit and thus render justice.”

2. It is stated that the Corporate Debtor had filed an application under Section 10 of Insolvency and Bankruptcy Code, 2016 (hereinafter, IBC, 2016) seeking initiation of CIRP. The application was allowed vide order of this Tribunal dated 09.12.2024 in CP(IB)/177(CHE)/2024 and Mr. Ebenezar Inbaraj was appointed as the Interim Resolution Professional (IRP).

3. It is stated that the IRP issued Public Announcement in Form-A on 12.12.2024 inviting the claims against the Corporate Debtor, in English daily, Business Standard' and Tamil daily 'Hindu Tamil' as per Section 15 of IBC, 2016 read with Regulation 6 of Insolvency and Bankruptcy Board of India (Insolvency Resolution for Corporate Persons) Regulations, 2016 (hereinafter, CIRP Regulations). The last date for submission of claims was 26.12.2024.

4. It is stated that the IRP received and collated the claims and constituted the CoC comprising of Paragon Partners LLP, M/s Instant Autogas Equipment and MITCON Credential Trusteeship Services Limited (Karnation Fund-I).

5. It is stated that in the 1st CoC meeting held on 07.01.2025, the CoC unanimously resolved to replace the IRP and appoint the Applicant herein as the Resolution Professional. Thereafter, this Tribunal vide order dated 17.02.2025 in in IA (IBC) 195/2025 appointed Ms. Renuka Rangaswamy as the Resolution Professional (RP).

6. It is stated that on verification of books, the Applicant re- classified Paragon Partners LLP as a related party of the Corporate Debtor. Accordingly, CoC was re-constituted comprising M/ s. Instant Autogas Equipment and MITCO Credential Trusteeship Services Limited (Karnation Fund-I). The Report Certifying the reconstituted Committee of Creditors was filed before this Tribunal and the same was taken on record vide order dated 16.04.2025 in IA No. 568 of 2025.The details of the re-constituted CoC is extracted below,

7. It is stated that the Applicant, in terms of Regulation 36A of CIRP Regulations made publication in newspapers Millennium Post, Rastriya Sahara (Delhi edition—Covering Gurgaon, dated 11.04.2025) and The Financial Express, Malai Malar (Chennai edition, dated 11.04.2025) inviting the Prospective Resolution Applicants (PRAs) to submit their Expression of Interest (EOI) for the revival of the Corporate Debtor. Pursuant to issuance of Form G, EOIs were received from 6 eligible Prospective Resolution Applicants (PRAs) namely, (i) Kundan Refinery Private Limited, (ii) Consortium lead by Mr. Ravindra Dhariwal & 5 other individuals, (iii) Real Value Infotech Projects Pvt. Ltd., (iv) Rupa & Company Limited, (v) Sunrise Industries and (vi)AKB Ventures Private Limited. The RFRP dated 27.05.2025 was shared with the PRAs. Thereafter, the Applicant received two Resolution Plans, one from Real Value Infotech Projects Pvt Ltd., Delhi and the other from Mr. Ravindra Dhariwal, Lead Partner of Consortium, consisting of 6 individuals including Mr. B. G. Krishnan, the Suspended Director of the Corporate Debtor, Ms. G. Ganga, an employee of the Corporate Debtor, Mr. R. Sri Ram, Ex- emp