2017 (10) TMI 1388

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..... y & Bankruptcy Code, 2016 read with Rule  7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority)  Rules, 2016 alleging that the total current liabilities of the applicant company  is Rs. 82.1071 crores and it exceeds the assets of the company and the  company has been making losses in its operation for the years 2015-16 and  2016-17 and the cash flow for both the years has been negative. This petition  under section 10 of Insolvency & Bankruptcy Code, 2016 was admitted by an  order dated I st May 2017 and by the recommendation of the Corporate  Applicant, Shri Sandeep Kumar Gupta, Resolution Professional was  appointed as Interim Resolution Professional.   The Interim Re .....

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..... t no  Resolution Plan has been submitted. Since there is no recommendation of  Committee of Creditors for extension of the time limit prescribed under the  Rules, therefore, Corporate Debtor shall go under liquidation as per provision  of Chapter-Ill of the Insolvency and Bankruptcy Code, 2016 read with  Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations,  2016.   Since the Resolution Professional, Shri Sandeep Kumar Gupta has  conducted only one meeting of the Committee of Creditors during 180 days  of the period prescribed, even though no Resolution Plan was under  consideration, but he did not advertise the notice in the newspaper for inviting  proposal from in .....

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..... on 14 of the I.B.C.  shall cease to effect, by the provision of sub-section (4) of section  14. A fresh moratorium starts under sub-section (5) of section 33  of I.B.C.   5. The order of liquidation passed under section 33 shall be  deemed to be notice of discharge to the officers, employees and  workmen of the Corporate Debtor.   6. After getting the name of Resolution Professional from I.B.B.I.  and his appointment after that, he shall proceed with the process  of liquidation by the procedures prescribed under Chapter Ill of  liquidation process for Corporate Persons.   List on 15.11.2017 for a further progress report on the matter.  
Case laws, Decisions, Judgements, Or .....

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