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TMI Blog2018 (10) TMI 1679X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority in exercise of the powers conferred under Sub- Clauses (i)(ii) and (iii) of Clause (b) of Sub-Section (I) of Section 33 of the I B Code, 2016, proceeds to pass liquidation Order as to liquidate the Corporate Debtor viz. M/S. Samudhra Bio Pharma Private Limited, which shall be conducted in the manner as laid down in Chapter Ill of part Il of the I B Code, 2016; Mr. Mudappallur Varieth Gangadharan is hereby appointed as Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; and 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. Application disposed off. - MA/424/2018 filed in CP/359/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Resolution dated, 04.07.2018 is placed at page 18 of the typed set filed with the Application. 4. It is further stated that the Resolution Professional placed a proposal before the COCs for appointment of Valuer to determine the value of assets of the Corporate Debtor, copy of which is placed at page 16 of the typed set filed with the Application and subsequently he has prepared an Information Memorandum dated 23.07.2018 and Evaluation matrix for the proposed Resolution Plan. 5. It is averred that aftcr exploring the various possibilities, the COCs in its 3rd meeting held on 31.08.2018, has decided to liquidate the Corporate Debtor and resolved to direct the Resolution Professional to apply to this Authority, for early ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the prior approval of this Authority. V. It is made clear that para (IV) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. VI. This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. VII. All the powers of the Board of Directors, Ke Managerial Personnel and the Partners of Corporate Debtor, as the case may be, shall cease tc have effect and shall be vested in the Compan) Liquidator viz., Mr. Mud appallur Variety ..... X X X X Extracts X X X X X X X X Extracts X X X X
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