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TMI Blog2019 (6) TMI 330X X X X Extracts X X X X X X X X Extracts X X X X ..... o be in order. We order the liquidation of the corporate debtor M/s Sadhbhawana Impex Private Limited and appoint Mr.Sanjay Kumar Aggarwal, Resolution Professional as the Liquidator for the purposes of liquidation of the corporate debtor in terms of Section 33 (2) of the Code. His appointment as such will be with effect from the date of receipt of copy of this order. All the directions/requirements and provisions of Chapter III of the Code and Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as Liquidation Process Regulations, 2016) shall be strictly complied with. he Liquidator shall publish public announcement in accordance with Regulation 12 of the Liquidation Process Regulations, 2016 and in Form B of Schedule II - CA No. 81/2019 IN CP (IB) NO. 41/Chd/Pb/2018 - - - Dated:- 13-2-2019 - MR R. P. NAGRATH, MEMBER (JUDICIAL) AND MR. PRADEEP R. SETHI, MEMBER (TECHNICAL) For The Applicant : Mr.Yogesh Goel, Advocate For The Professional : Mr.Sanjay Kumar Aggarwal Resolution Professional ORDER (Oral) CA No.81/2019: This ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the office of Oriental Bank of Commerce and the said meeting was attended by only Financial Creditor constituting the CoC and four Directors of the suspended Board of Directors and the attendance sheet in this respect is at page 47 of the paper book. 7. Having deliberated on the issues, the CoC took the following decisions:- 8(b) As there is no any resolution plan submitted by any prospective resolution in this matter till the last date of submission of resolution plan. Hence, the Committee of Creditor of the Corporate Debtor namely Sadhbhawana Impex Private Limited, hereby decides with 100% voting power in favour of Resolution Yes: a) That the Corporate Debtor namely Sadhbhawana Impex Private Limited be liquidated and the decision of the Committee of Creditors to liquidate said the Corporate Debtor namely Sadhbhawana Impex Private Limited, be intimated by way of application to the Adjudicating Authority i.e. Hon ble National Company Law Tribunal, Chandigarh Bench, Chandigarh in terms of sub-section (2) of Section 33 of the Insolvency Bankruptcy Code, 2016. b) That it is resolved and decided with 100% v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ein, it shall- ( i) pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in this Chapter; ( ii) issue a public announcement stating that the Corporate Debtor is in liquidation; and ( iii) require such order to be sent to the authority with which the Corporate Debtor is registered. ( 2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors [approved by not less than sixty six percent of the voting share] to liquidate the Corporate Debtor, the Adjudicating Authority shall pass a liquidation order, as referred to in sub clause (i), (ii), and (iii) of Clause (b) of sub- section (1). 11. The learned counsel for the Resolution Professional also referred to Section 34(1) of the Code which provides that the resolution professional appointed shall act as a Liquidator unless replaced by the Adjudicating Authority under sub-section (4). Sub-section (1) of Sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 33 of the Code shall not apply to legal proceeding in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator; ( iii) That this order of liquidation under Section 33 of the Code 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; ( iv) That all the powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator; and ( v) That the personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 of the Code shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process with the substitution of references to the liquidator for references to the Interim Resolution Professional. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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