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TMI Blog2018 (9) TMI 1952X X X X Extracts X X X X X X X X Extracts X X X X ..... was filed by Abhishek Stock Broking Services Pvt. Ltd. & Ors./Financial Creditor under Section 7 of I&B Code for initiating insolvency resolution process against Shree Ganesh Jewellery House (I) Ltd. The application was admitted vide order dated 12.02.2018 by appointing Mr. Manish Jain as the Interim Resolution Professional. Mr. Manish Jain, the IRP has been replaced by the Committee of Creditors (CoC) by Mr. Anup Kumar Singh and appointment of Mr. Anup Kumar Singh was approved vide order dated 18.05.2018. While continuing the CIRP process, the Resolution Professional has taken note of non-availability of the relevant records so as to prepare information memorandum. The annual returns of the Corporate Debtor was last filed in the financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibility as provided in the regulations and the Code and because of the reasons beyond the control of the Resolution Professional, he could not prepare Information Memorandum within two weeks of the date of appointment of the RP. 3. He further submits that the Corporate Debtor has failed and neglected to cooperate with the Resolution Professional and thereby he was unable to identify prospective resolution applicant within the stipulated period. Though CBI was requested to give details of the assets in their custody, they did not respond to the query addressed to them. Repeated reminders sent to the authorities also became futile because of the non-co-operation from the side of the investigating authorities and Enforcement Directorate. A Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Adjudicating Authority. (d) That RP has filed petition before Hon'ble NCLT, for custody of assets held with DRI, ED, CBI, WBIDC and with several receivers as appointed by DRT but the same is still to be deliberated upon by the Hon'ble AA. (e) That valuation of assets has not been completed as yet on account of the fact that the promoter of the Corporate Debtor has been in custody of Investigation Agencies several times during CIRP and several custodians of the assets which are spread across different states. (f) That Liquidation Value and Fair Value of the account still being pending, Expression of Interest (EoI) has not been published on account of which Resolution of the account could not happen in the stipulated period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 33(1) of the Code. In view of the above said reasons, I am inclined to pass an order requiring the Corporate Debtor Shree Ganesh Jewellery House (I) Limited to be liquidated in the manner as laid down in Chapter III, Part II of the Insolvency and Bankruptcy Code, 2016 read with Section 33(1) of the I&B Code, 2016 upon the following directions: ORDER (i) Mr. Anup Kumar Singh (Mobile No. 9830726554) with address Trinity Towers, Suite No. 3G, 226/1, AJC Bose Road, Kolkata 700 020 (e-mail id: ip.sgjhl@gmail.com) with IBBI Registration No. IBBI/IPA-001/IP-P00153/2017-18/10322 is appointed as the liquidator. (ii) Mr. Anup Kumar Singh is directed to issue public announcement stating that the Corporate Debtor is in liquidation in terms of R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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