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TMI Blog2020 (1) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... ducted in the manner as laid down in Chapter III of part II of the I B Code, 2016. - CA NO. 392/C-III/2019, CP (IB) NO. 709/ND/2018 - - - Dated:- 17-10-2019 - CH. Mohd Sharief Tariq, Judicial Member And K.K. Vohra, Technical Member Vishnu Dutt, Akash Srivastava and Saurabh Gauba, Advs. for the Applicant. ORDER Ch. Mohd Sharief Tariq, This relates to CA-392/C-III/ND/2019 filed in IB/709/ND/2018 by Mr. Vishnu Dutt (hereinafter referred to as 'Resolution Professional') under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The prayer made in the Application is to pass an order of liquidation pertaining the Corporate Debtor viz, M/s. Vibha Overseas Exim Private Limited. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The liquidation is subject to the approval of Adjudicating Authority. Further, the Resolution Professional Liquidator be authorised to take all necessary action/steps including moving an application under Section 33(2) to give effect to this decision or any other matter incidental thereto. 5. It is noted that the Resolution Professional has appointed two valuer viz,. M/s. R.K. Associates Valuers techno Engineering Consultant Private Limited and M/s. Crest Capital Group Private Limited for working out the Valuation/Liquidation value of the assets of the Corporate Debtor and the same was ratified by the COC in its meeting held on 18th March, 2019. The Valuation reports of both the valuers appointed by the RP were taken on record b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue a public announcement stating therein that the Corporate Debtor is in liquidation; III. 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; IV. Subject to Section 52 of the I B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. V. This Authority makes it 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 fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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