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2018 (10) TMI 1679 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor - CIRP initiated by the Financial Creditor viz., M/ s. International Asset Reconstruction Company Private Limited (IARCL) under Section 7 of the I B Code 2016 r/ w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT - It is averred that aftcr exploring the various possibilities, the COCs in its 3rd meeting held on 31.08.2018, has decided to liquidate the Corporate Debtor and resolved to direct the Resolution Professional to apply to this Authority, for early liquidation. This Authority in exercise of the powers conferred under Sub- Clauses (i)(ii) and (iii) of Clause (b) of Sub-Section (I) of Section 33 of the I B Code, 2016, proceeds to pass liquidation Order as to liquidate the Corporate Debtor viz. M/S. Samudhra Bio Pharma Private Limited, which shall be conducted in the manner as laid down in Chapter Ill of part Il of the I B Code, 2016; Mr. Mudappallur Varieth Gangadharan is hereby appointed as Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; and The moratorium declared under Section 14 of the I B Code, 2016, shall cease to have effect from the date of the order of liquidation. Application disposed off.
Issues:
Liquidation of Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. Analysis: The judgment pertains to a Miscellaneous Application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/S. Samudhra Bio Pharma Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by a Financial Creditor under Section 7 of the I&B Code, and the Resolution Professional was appointed as the Interim Resolution Professional. The Resolution Professional presented a proposal before the Committee of Creditors (CoC) for the appointment of a Valuer to assess the assets of the Corporate Debtor, followed by the preparation of an Information Memorandum and Evaluation matrix for the proposed Resolution Plan. In the 3rd meeting of the CoC, a decision was made to liquidate the Corporate Debtor, leading to the Resolution Professional filing the Miscellaneous Application for liquidation and his appointment as the Liquidator. The Tribunal, exercising its powers under Section 33 of the I&B Code, 2016, ordered the liquidation of the Corporate Debtor, directing the conduct of the liquidation process as per the provisions of the Code. The Order specified the appointment of the Resolution Professional as the Company Liquidator, with the cessation of moratorium and transfer of powers from the Board of Directors to the Liquidator. Additionally, the Liquidator was authorized to charge fees for conducting the liquidation proceedings, to be paid from the proceeds of the liquidation estate assets. The Order also mandated the extension of assistance and cooperation by the personnel of the Corporate Debtor to the Liquidator, along with the transmission of the Order to relevant authorities for information and compliance. The judgment concluded by disposing of the Miscellaneous Application filed for the initiation of Liquidation Proceedings against the Corporate Debtor. The detailed provisions outlined in the Order ensure a structured and compliant process for the liquidation of the Corporate Debtor, safeguarding the interests of all stakeholders involved. This comprehensive analysis delves into the key aspects of the judgment, highlighting the procedural intricacies and legal implications surrounding the liquidation of the Corporate Debtor under the Insolvency and Bankruptcy framework.
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