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TMI Blog2018 (10) TMI 1837X X X X Extracts X X X X X X X X Extracts X X X X ..... as a liquidator and undertook to submit its consent in specified form as per section 34(1) of the Code. Thus, in the absence of any resolution plan and for want of time beyond statutory Corporate Insolvency Resolution Process period; there is no other alternative but to order, in conformity with the 100% decision of the CoC, for liquidation of the corporate debtor under Section 33 of the Code - corporate debtor is ordered to be liquidated - application allowed. - C.A. NO. 656(PB) OF 2018, C.P. IB. NO. 455 (PB) OF 2017 - - - Dated:- 26-10-2018 - Justice M.M. Kumar, President ND S.K. Mohapatra, Technical Member For the Petitioner : Abhinav Vashistha, Sr. Adv. and Ms. Akansha Kaul, Adv. For the Respondent : Ms. Sudiksha Saini, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditors as its sole member. It is also stated in the application that no other claim from any other creditor, financial or operational, or workmen and employees was received by the Resolution Professional. 6. Subsequently, two valuers viz., Crest Capital Group Pvt. Ltd. and Adroit Valuations, Adroit Technical Services Pvt. Ltd, were appointed on 05.05.2018 under Regulation 27 and Regulation 35 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2018 for determining the fair value and liquidation value of the assets of the Corporate Debtor. 7. The second meeting of committee of creditors was held on 07.05.2018 and the minutes of the meetings were circulated accordingly. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or and undertook to submit its consent in specified form as per section 34(1) of the Code. 11. In the factual background and in the absence of any resolution plan and for want of time beyond statutory Corporate Insolvency Resolution Process period; there is no other alternative but to order, in conformity with the 100% decision of the CoC, for liquidation of the corporate debtor under Section 33 of the Code. 12. In the result the application is allowed by ordering liquidation of the corporate debtor, namely Forgings Private Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 along with following directions: a. Mr. Sajeve Bhushan Deora resolution professional holding registration ..... X X X X Extracts X X X X X X X X Extracts X X X X
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