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TMI Blog2019 (4) TMI 1604X X X X Extracts X X X X X X X X Extracts X X X X ..... tinent that the Corporate Debtor be Liquidated. The Committee of Creditors members concurred with the views of the Resolution Professional. As a consequence, the RP has preferred this Application U/s. 33 praying for Order of Liquidation of the Corporate Debtor. Resolution Professional has also submitted that the Committee of Creditors had not recommended him to be the Liquidator. The Resolution Professional has also expressed his unwillingness to continue to perform the duties of the Liquidator. This Bench Orders that : i) The Process of Liquidation shall commence as per the Chapter III of the Code from date of this Order. ii) The Resolution Professional (Mr. Rajeev Mannadiar) is now to be termed as Liquidator as per the Provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... non-cooperation from the side of the Promoter/ Director, however, managed to get un-audited financial statements for Financial Years 2015-16 and 2016-17 with a copy of the Income Tax Assessment Order for the Financial Year 2015-16. 5. The Second Committee of Creditors meeting was held on 16.01.2018 and Third Committee of Creditors meeting was held on 02.02.2018. Fourth Committee of Creditors meeting was held on 22.02.2018 in which it was decided by the Committee of Creditors to get the Financial statements audited and agreed upon appointing M/s. M.B. Agarwal Co. to audit the company for F.Y. 15-16 and FY 16-17. The RP further stated that he was informed about the Summons for Judgment No.54 of 2017 in Commercial Suit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5.2018 in which this Tribunal had asked for valuation of Assets of the Company and the suggestion made to move an application for liquidation. The Committee of Creditors was also informed about the application filed against Gopal Dalvi (MA No.642 of 2018) in this Tribunal to vacate the premises of the Corporate Debtor and for repossession of the property at Ship No. 7, Kamla Spaces, Khiranagar, S.V. Road, Snatacruz (W) and such other appropriate reliefs as more particularly mentioned in the Application therein and appointed M/s. Nadkarni Co. and M/s. R.D. Ashtaputre Associates as Valuers. The Resolution Professional further informed that as per their valuation report, the total Fair Value is ₹ 7,76,12,570/- (Rupees Seven Crores, S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of Creditors had not recommended him to be the Liquidator. The Resolution Professional has also expressed his unwillingness to continue to perform the duties of the Liquidator. 9. Considering above facts and circumstances, this Bench hereby Orders that : i) The Process of Liquidation shall commence as per the Chapter III of the Code from date of this Order. ii) The Resolution Professional (Mr. Rajeev Mannadiar) is now to be termed as Liquidator as per the Provisions of S. 34(1) of the Code. iii) The RP shall advertise in Newspaper about the Liquidation of the Debtor as per the provisions of the Code. iv) Copy of this Order shall be forwarded to the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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