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TMI Blog2020 (5) TMI 271X X X X Extracts X X X X X X X X Extracts X X X X ..... professional having not submitted any resolution plan within CIRP period leads to passing an order of liquidation. As per section 34(1) of the Code after passing the order of liquidation of corporate debtor, the resolution professional appointed for CIRP process shall act as the liquidator for conducting the liquidation process - Mr. A. V. S. Krishna Mohan/applicant is appointed as the liquidator. The resolution professional has given his consent for appointing him as a liquidator. The application is allowed and the corporate debtor M/s. Yag Mag Labs P. Ltd., is ordered to be liquidated - The order of moratorium passed under section 14 of the Code shall cease to have its effect. - I. A. No. 835 of 2019 in C. P. (IB) No. 593/9/HDB/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of creditors (CoC) was formed on March 15, 2019 and meetings were held at periodic intervals. (3) The second meeting of CoC was conducted on May 11, 2019 third meeting on May 31, 2019, fourth meeting on July 15, 2019 and fifth meet ing held on August 10, 2019. (4) It is stated that in the fifth meeting of the committee of creditors, held on August 10, 2019 it was decided by the members of CoC that the time frame of 180 days was ending on August 17, 2019 and the CoC with voting share of 93.68 per cent. passed a resolution to seek extension of time limit of the resolution process and moratorium by another 90 days with effect from August 14, 2019 which was allowed/granted by the Tribunal vide orders passed in I. A. No. 720 of 2019 on A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tember 21, 2019 is annexed and marked as annexure I. Further Form AA consent of the reso lution professional under section 34(1) of the Code is annexed and marked as annexure III. (7) It is the further case of the applicant that there are trade receiv ables, deposits and other receivables from various Government authorities, as per the financial statements of the company. The resolution professional has been following up with the respective debtors and Government authorities for recovery and refunds. 3. We heard the resolution professional. The present application is filed by the resolution professional under section 33(1) of the IBC, 2016 seeking initiation of the liquidation process of M/s. Yag Mag Labs P. Ltd./corporate debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution plan before this Tribunal under section 30(6) within CIRP period. By relying on section 33(1)(a) of the Code, the resolution professional having not submitted any resolution plan within CIRP period leads to passing an order of liquidation. We see no other alternative except passing an order of liquidation requiring the corporate debtor/Yag Mag Labs P. Ltd., to be liquidated in the manner laid down in Chapter 3 of Part 2 of the Insolvency and Bankruptcy Code, 2016. 7. As per section 34(1) of the Code after passing the order of liquidation of corporate debtor, the resolution professional appointed for CIRP process shall act as the liquidator for conducting the liquidation process. Accordingly Mr. A. V. S. Krishna Mohan/applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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