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TMI Blog2018 (3) TMI 572X X X X Extracts X X X X X X X X Extracts X X X X ..... judicial side with notice to the Resolution Professional. In view of the mandate of Section 33 (1) of I & B Code there is no other alternative except to pass an order of liquidation. It was found fit to appoint a Liquidator from the panel of Liquidators/Insolvency Resolution Professionals circulated by Insolvency and Bankruptcy Board of India vide letter dated 10.01.2018 instead of Mr. Nipan Bansal who was appointed as the Resolution Professional, for the reasons stated in the order dated 31.01.2018. Accordingly, an order is passed in accordance with Section 33 of the Code for liquidation of the Corporate Debtor appointing Mr. Dinesh Kumar Seth as the Liquidator. The Liquidator shall issue public announcement to the effect that the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter was directed to be listed on the judicial side with notice to the Resolution Professional. 4. Vide detailed order dated 31.01.2018 it was observed that despite expiry of 180 days for completion of the resolution process provided under Section 12 (1) of the Code no resolution plan was received within the admissible period nor any application has been filed for extension of the time for completion of the resolution process under sub sections (2) and (3) of I B Code. It was, therefore, observed that in view of the mandate of Section 33 (1) of I B Code there is no other alternative except to pass an order of liquidation. It was found fit to appoint a Liquidator from the panel of Liquidators/Insolvency Resolution Professionals cir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the liquidation commencement date. 8. It is further directed that the announcement shall be published in accordance with Regulation 12(3) as under :- (a) in one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, or the corporate debtor and any other location where in the opinion of the liquidator, the corporate debtor conducts material business operations; (b) on the website, if any, of the corporate debtor; and (c) on the website, if any, designated by the Board for this purpose. 9. It is further directed that as per Section 33(5) of the Insolvency and Bankruptcy Code, 2016, (i) Subject to Section 52 of the Code, when a liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Interim Resolution Professional. 10. The liquidator shall exercise the powers and perform the duties as prescribed under various provisions of the Code, Regulations and the applicable Rules. The fee of Liquidator, expenses on public announcements and for service of process etc. incurred by the Liquidator shall be reimbursed and shall form part of the liquidation costs. The Liquidator shall be paid fee in accordance with the Regulation 4(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. 11. In accordance with Regulation 13 of the Liquidation Process Regulations, 2016, the Liquidator shall file his preliminary report within 75 days and to file regular progress reports every fortnight thereaft ..... X X X X Extracts X X X X X X X X Extracts X X X X
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