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2022 (9) TMI 1065 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33(2) read with section 60(5) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - The present application is filed under section 33(2) of the Insolvency and Bankruptcy Code. The CoC has expressed its opinion in the 2nd CoC meeting held on 04.06.2022 that there is no scope of revival or selling the company as going concern and that the Corporate Debtor may be liquidated. Therefore, this Tribunal sees no merit in interfering with the commercial wisdom of the CoC. The application is allowed by ordering liquidation of the corporate debtor, namely M/s. VRJ Traders Private Limited with directions imposed.
Issues Involved:
Liquidation of Corporate Debtor M/s. VRJ Traders Pvt. Ltd. under the Insolvency and Bankruptcy Code, 2016. Detailed Analysis: 1. Application for Liquidation: - An application was filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 for the liquidation of the Corporate Debtor, M/s. VRJ Traders Pvt. Ltd. - The Corporate Debtor had previously initiated Corporate Insolvency Resolution Process, but no claimants, except one related party, came forward during the claim submission period. - The Committee of Creditors (CoC) decided in the 2nd CoC meeting that there was no possibility of revival for the Corporate Debtor and authorized the liquidation process. 2. Appointment of Liquidator: - The Resolution Professional, Mr. Alok Kumar Kuchhal, was appointed as the Liquidator by the CoC in the same meeting. - The Liquidator was authorized to communicate the CoC's decision to the Adjudicating Authority and take necessary actions for liquidation. 3. Tribunal's Decision: - The Tribunal reviewed the application and CoC's decision, finding no reason to interfere with the commercial wisdom of the CoC. - The Tribunal allowed the application, ordering the liquidation of M/s. VRJ Traders Pvt. Ltd. - Mr. Alok Kumar Kuchhal was relieved from his role as Resolution Professional and appointed as the Liquidator. - Various directions were issued, including communication to relevant authorities, commencement of fresh Moratorium, discharge of officers and employees, and following the liquidation process as per the Code. 4. Further Directions and Responsibilities: - The Liquidator was directed to investigate the financial affairs of the Corporate Debtor, dispose of pending applications, and submit a Preliminary Report within seventy-five days. - Financial creditors, CoC members, and the Liquidator were instructed to take necessary steps. - The CoC was tasked with paying remuneration and expenses to the Applicant and professional advisors as per the relevant regulations. 5. Conclusion: - The Tribunal's order facilitated the initiation of the liquidation process for M/s. VRJ Traders Pvt. Ltd., appointing Mr. Alok Kumar Kuchhal as the Liquidator and outlining various responsibilities and procedures to be followed during the liquidation process. This detailed analysis covers the key aspects of the judgment regarding the liquidation of the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016, providing a comprehensive overview of the application, decision, directions, and responsibilities outlined in the Tribunal's order.
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