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TMI Blog2018 (10) TMI 775X X X X Extracts X X X X X X X X Extracts X X X X ..... loyees. It is also understood that the Resolution Professional was unable to trace out the books of account and thereby constrained to prepare the Information Memorandum based on information sourced from public domain. However, upon invitation of Resolution Plan no resolution applicant showed any interest to participate in the CIRP and thereby the CoC after due deliberation and discussions decided not to extend the period of CIR P beyond 180 days which has been expired on 13/08/2018. Adjudicating Authority has no other alternative than to pass an order of liquidation requiring the corporate debtor to be liquidated in the manner as laid down in Chapter III of Part II read with Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as thereafter confirmed as Resolution Professional (In short, RP) by the Committee of Creditors (In short, CoC) in the meeting held on 15/03/2018 and RP continued the process after issuing the public announcement. However, no resolution applicant has submitted Expression of Interest and no resolution plan received. Since no resolution plan was received the CoC in the meeting held on 13/07/2018 took an unanimous decision not to extend the CIRP period beyond 180 days and decided to liquidate the corporate debtor u/s. 33 of the I B Code, 2016. 3. Since the CoC has taken a decision to liquidate the corporate debtor the RP filed this application under section 33 of the Code upon the following grounds:- (a) The corporate debtor, Bajrangba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or workmen or employee, apart from the two financial creditor and no proceeding initiated by any operational or other creditor or workmen or employee as per the records which has been affected by the on-going moratorium. 4. Upon the aforesaid grounds the Resolution Professional prays to order liquidation of the corporate debtor u/s. 33 of the I B Code, 2016. 5. Heard the Resolution Professional and the Ld. Counsel appearing on the side of the financial creditors. Perused the records. 6. On a careful screening of the Progress Reports it is understood that the corporate debtor in the case in hand was non-operational even on the date of filing of this application by the financial creditor and is a closed entity. It has completely c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of India (Liquidation Process) Regulations, 2016; (c) The Registry is directed to communicate this Order to the Registrar of Companies, West Bengal and to the Insolvency and Bankruptcy Board of India; (d) The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; (e) This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; (f) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II ..... X X X X Extracts X X X X X X X X Extracts X X X X
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