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TMI Blog2019 (4) TMI 1013X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Insolvency Resolution Process period, the Corporate Debtor has to be ordered for Liquidation. - MA/139/2019 In CP/699/IB/CB/2017 - - - Dated:- 26-2-2019 - CH MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) For The Resolution Professional : Mr R. Mukundan ORDER CH MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) 1. This MA/139/2019 in CP/699/IB/CB/2017 has been filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, (in short 'I B Code, 2016'), by the Resolution Professional viz., Mr. R. Mukundan. 2. The prayers made by the Applicant in the Application are as follows:- a. Pass an order on Corporate Debtor, M/s. Gemini Communication Limited, be liquidated in the manner as laid down in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and two registered Valuers were appointed to determine the fair value and liquidation value of the Corporate Debtor under Regulation 27 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Subsequently, newspaper publication were made inviting for 'Expression of Interest' ('EoI') on 03.09.2018 in respect of Corporate Debtor fixing 02.11.2018 as last date for submitting the Resolution Plans and on 13.08.2018 the IRP finalized the Information Memorandum. 7. In the 2nd Meeting of the CoCs held on 17.08.2018, the CoCs has decided to replace the Resolution Professional viz., Ms. Aishwarya Mohan Gahrana with the Applicant viz., Mr. R. Mukundan, which was later ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Meeting of CoCs held on 07.01.2019. 10. In the meantime, on 21.01.2019, on receipt of the order of this Authority, the Resolution Professional reconstituted the CoCs duly including M/s. Merrill Lynch International into the CoCs and distributing the proportionate voting share among the members. The CoCs have directed the Resolution Applicant to submit an improved and revised offer duly including M/s. Merrill Lynch International as a Financial Creditor. 11. On 25.01.2019, the Resolution Applicant viz., M/s. Rare Asset Reconstruction Limited has submitted a revised Resolution Plan which was placed before the CoCs for deliberations in its meeting held on 29.01.2019. The CoCs, after deliberations have taken the view as follows:- (i) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered for Liquidation. ORDER 14. In view of the facts and circumstances recorded by Resolution Professional in MA/139/IB/2019 filed in CP/699/IB/CB/2017, the Resolution passed by the CoCs as referred hereinabove, and in exercise of powers conferred under sub-clauses (i), (ii) and (iii) of clause (a) of sub-section (1) of Section 33 of the I B Code, 2016, this Authority proceeds to pass Liquidation Order as follows:- I. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Gemini Communication Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I B Code, 2016; II. This Authority hereby appoints Mr. Kasiviswanathan, (whose Reg. No. IBBI/IPA-001/IP-P00396/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I B Code, 2016, r/w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; VIII. The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor; IX. The Company Liquidator shall be entitled to charge such fees for the conduct of the liquidation proceedings and in such a proportion to the value of the liquidation estate assets as specified under Regulation 4 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; X. The Registry is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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