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TMI Blog2019 (11) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 33 of the Code as no resolution plan has been approved by the Adjudicating Authority. Resolution Professional is appointed as the Liquidator as provided under section 34(1) of the Code. All 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 with the liquidator - Application allowed. - MA No. 2551/2019 In C. P. 3739/I&B/2018 - - - Dated:- 29-8-2019 - Shri Bhaskara Pantula Mohan, Member (Judicial) And Shri Shyam Babu Gautam, Member (Technical) For The Applicant : Ms. Rohini Menon a/w. Mr. Kunal Mehta, Advocates ORDER Per Shri Bhaskara Pantula Moha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... him. The CoC in the 4th CoC meeting held on 09.07.2019 unanimously decided to liquidate the Company. The COC decided to liquidate the company with 100% voting, as Omkara Assets Reconstruction Pvt. Ltd. is sole member of the CoC. Hence this Application. 5. The Applicant/ Resolution Professional Mr. Vinodkumar P. Ambavat has agreed to act as liquidator to carry on the process of liquidation and given his consent to act as Liquidator. 6. On hearing the submissions of the Applicant and on reading the Application and the documents enclosed therein, for the RP has complied with the procedure laid under the Code read with Insolvency Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor. e. that the liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified by the IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of the Code. f. that on having liquidation process initiated, subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the corporate debtor with prior approval of this Adjudicating Authority. g. This liquidation order shall be deemed to be a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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