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2019 (11) TMI 442 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - appointment of liquidator - section 34(1) of the IBC - CIRP closed - HELD THAT - It is stated that CoC in its 3rd meeting held on 20.06.2018, with 100% majority resolved to close the process of CIRP and instructed the RP to file application for initiation of liquidation before this Adjudicating Authority, as the, EOI received from M/s. Freight Connection India Pvt. Ltd., Mumbai to purchase the said asset for an amount of ₹ 17.51 lakhs could not materialize and no realisations made therefrom. It is further stated that there are three major disputed receivables for which litigation is going on. However, in the opinion of Senior Counsels representing the Corporate Debtor, the outcome of all the three litigations are uncertain and may take longer time. Thus, in the above scenario revival of the Corporate Debtor is not in sight at present. It is found that CIRP has closed on 19.06.2018. The instant application is filed on 02.01.2019 - Considering all the facts and the documents annexed with the application, this Adjudicating Authority is of the considered view to pass an order for liquidation in respect of the Corporate Debtor viz. M/s. Gaytech Engineering Pvt. Ltd. and direct the Liquidator to issue a public announcement stating that the Corporate Debtor is in liquidation. This Adjudicating Authority hereby appoints the Resolution Professional as Liquidator under Section 34(1) of the IBC on terms and conditions approved by the COC in its meeting held on 20.06.2018. The Liquidator shall send an intimation to the Registrar of Companies with which the Corporate Debtor is registered - application disposed off.
Issues:
Liquidation of Corporate Debtor under IBC, Appointment of Liquidator, Public Announcement, Cooperation of Corporate Debtor Personnel, Disputed Receivables Litigation, Replacement of Liquidator. Analysis: The application filed by the Resolution Professional sought orders for liquidation of the Corporate Debtor under sections 33(1) and 33(2) of the IBC, appointment of a liquidator under section 34(1) of the IBC, issuance of a Public Announcement declaring the Corporate Debtor in liquidation, and direction to intimate the liquidation order to the Registrar of Companies. The Corporate Debtor's Committee of Creditors (CoC) had resolved to close the Corporate Insolvency Resolution Process (CIRP) due to unsuccessful asset sale and pending litigations, indicating no revival prospects. The CoC further resolved that the Resolution Professional, CA Vinod Pahelwani, would act as the Liquidator unless replaced by the Adjudicating Authority. The Adjudicating Authority noted the closure of CIRP and the subsequent application for liquidation, leading to the decision to order liquidation for the Corporate Debtor, M/s. Gaytech Engineering Pvt. Ltd. The Resolution Professional was appointed as the Liquidator as per the terms approved by the CoC in their meeting. The Liquidator was directed to issue a public announcement about the Corporate Debtor's liquidation and inform the Registrar of Companies accordingly. The Liquidator's actions were to be in accordance with Section 35 of the IBC, subject to the Adjudicating Authority's directions. The application was disposed of in line with the decisions made regarding the liquidation process and the appointment of the Liquidator.
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