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TMI Blog2019 (1) TMI 386X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation Order - The Liquidator is also permitted to continue the operations of the Corporate Debtor and allowed to liquidate and dispose of the assets of the Corporate Debtor as a “going concern” basis - application disposed off. - MA/163/2018 In CP/551/IB/2017 - - - Dated:- 9-11-2018 - CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) For The Financial Creditor : Mr M L Ganesh, Counsel For RP : Mr J. Monivannan, Counsel ORDER Per: CH.MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) 1. The Miscellaneous Application No. 163/2018 has been filed in CP/551/1B/CB/2017 on 05.06.2018 by the Resolution Professional viz., Mr. V. Nagarajan under Sections 33(1)(a) and 34 (1) of the Insolvency and Bankruptcy Code, 2016, 2016). The pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he last date for submitting the It is further averred that in 'Eol' on 05.04.2018. response to the advertisement, three (3) Resolution Applicants expressed their interest, and out of which, two (2) Applicants were duly qualified to meet the conditions specified in the Eol, and at the instruction and decision of the CoCs, the potential Resolution Applicants were asked to submit their Resolution Plans Accordingly, both the for the Corporate Debtor. Resolution Applicants had duly detailed Resolution Plans to the Professional submitted their the Resolution 5. The Resolution Professional has submitted that in the CoCs meeting held on 01.06.2018, after detailed discussions and deliberations with the both the Resolution Applicants inclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the I B Code, 2016, this Authority proceeds to pass Liquidation Order as follow:- i. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/S. Ashok Magnetic Lirnited, which shall be conducted in the manner as laid down in Chapter Ill of part 11 of the code, 2016; ii This Authority hereby appoints Resolution Professional viz., Mr. V . Nagaraian as Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; iii The moratorium declared under Section 14 of the I B Code, 2016, shall cease to have effect from the date of the order of liquidation; iv Subject to Section 52 of the I B Code, 2016, no suit or other legal proceedings shall be instituted by/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the IBBI. Accordingly, the fees of the conduct of the liquidation proceedings shall be paid to the Company Liquidator from the proceeds of the liquidation estate. x. The Registry is directed to communicate this order with immediate effect to the concerned Registrar of Companies, RD, OL, Registered Office of the Corporate Debtor and Company Liquidator viz., Mr. V. Nagarajan, for information and compliance. 9. The Liquidator is also permitted to continue the operations of the Corporate Debtor and allowed to liquidate and dispose of the assets of the Corporate Debtor as a going concern basis. 10. In terms of the above, MA/ 163/2018 in CP/551/1B/CB/2017 filed by by the Resolution Professional viz., Mr.V. Nagarajan, under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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