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TMI Blog2018 (12) TMI 1711X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Professional inter alia is to seek an order for liquidation of the Corporate Debtor viz., M/s. Matrix Metal Traders Private Limited. 2. Originally, CP/226/IB/CB/2018 was filed under Section 9 of the I&B Code, 2016, by the Operational Creditor viz., Mr. O.S Abdullah (Business Consultants) against the Corporate Debtor viz., M/s. Matrix Metal Traders Private Limited, which was admitted by this Authority vide its Order dated 05.04.2018 wherein the moratorium was declared in terms of Section 14 (1) of the Code, 2016 and the Applicant viz., Mr. Ebenezar Inbaraj was appointed as Interim Resolution Professional (IRP). 3. It is averred that on receipt of the Order, the Resolution Professional has invited the claims in newspapers one in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Services Limited has not registered its charges with RoC, and therefore, the Tamil Nadu Mercantile Bank is the only Financial Creditor of the Corporate Debtor and not the Easy Access Financial Services Limited. 6. It is averred that the objection raised by the Financial Creditor viz., Tamil Nadu Mercantile Bank further revealed that the Operational Creditor, who has initiated CIR Process has not filed any claim, and therefore, CIR Process itself has become infructuous to which Easy Access Financial Services Limited has strongly objected and stated that the basic nature of the loan given by Easy Access Financial Services Limited to Corporate Debtor cannot be construed as a non-financial credit which is substantiated by the mortgage, loan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity did not receive any Resolution Plan under Sub-section (6) of Section 30. Therefore, in exercise of powers conferred under Sub-Clauses (i) (ii) and (iii) of Clause (b) 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. Matrix Metal Traders Private 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 Interim Resolution Professional viz., Mr. Ebenezar Inbaraj as Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; iii. The moratori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in managing the affairs of the Corporate Debtor. ix. The Company Liquidator shall be entitled to charge such fee for the conduct of the liquidation proceedings in such a proportion to the value of the liquidation estate assets as specified 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. Ebenezar Inbaraj, for information and compliance. 10. In terms of the above, MA/618/2018 in CP/226/IB/CB/2018 filed by the Interim Resoluti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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