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TMI Blog2019 (3) TMI 1777X X X X Extracts X X X X X X X X Extracts X X X X ..... November, 2018 has proposed the Applicant as a liquidator and agreed to the initiation of liquidation process under Section 33 of the I B Code. The Adjudicating Authority, by exercising powers conferred under Section 33 of the I B Code, 2016 has to pass order of liquidation - the liquidation order requiring Corporate Debtor i.e., M/s Concur Marketing Private Limited be liquidated. - I.A. NO. 382 OF 2018, C.P. NOS. 235 OF 2017, TP NO.88 OF 2017 - - - Dated:- 11-3-2019 - Rajeswara Rao Vittanala, Judicial Member And Dr. Ashok Kumar Mishra, Technical Member For the Applicant : Shivadutt Bannanje, RP ORDER DR. ASHOK KUMAR MISHRA, TECHNICAL MEMBER. 1. I.A No. 382 of 2018 in C.P No. 235 of 2017(T.P No. 88 of 2017) i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016. (c) This bench admitted the petition on 02.03.2018 and appointed Shri R.L.Bhatia, having Registration No. IBBI-IP-002-IP/N00013/16-17/10017, residing at C-295, Vikas Puri, New Delhi-110018 as IRP by declaring moratorium and directing the IRP to carry the functions, as per the provisions of IBC, 2016. The IRP caused a public announcement in Financial Express and Hosa Digantha on March 9, 2018. (d) The IRP submitted the list of claims received and accepted to the Tribunal on April 2, 2018 that included two claims from Karnataka Bank Ltd. (Financial Creditor) for a sum of ₹ 1,75,00,225/- and M/s Mahle Filter Systems (India) Pvt. Ltd. for a sum of ₹ 28,87,085 and total claim amount being ₹ 2,30,05,182/- (inclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency Resolution Process for Corporate Persons) Regulations, 2016. (g) At the 4th Meeting of the CoC held on 15th November, 2018, Shri Anantha Keshavamurty, Director of the Company was present. The Chairman informed at the meeting that the representative of member constituting the CoC being present, accordingly the quorum is present. Subsequently, the Applicant explained the action taken by him regarding the Expression of Interest inviting Resolution Plan for the Corporate Debtor by prospective Resolution Applicants. The same was published on October 29, 2018 in Form-G under Regulation 36A(1) of the Insolvency and Bankruptcy(Insolvency Resolution Process for Corporate Persons) Regulations 2016 and he had put the same on the IBBI website, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... djourned on those dates at the request of party. In the hearing held on 4th December, 2018, this Bench directed that let the General Manager of the Karnataka Bank Ltd. (Financial Creditor), be present to explain on what basis they have approved the fee of ₹ 4,00,000/- as IRP fee for the mere work for issuing a paper notification, for inviting Expression of Interest and apparently, no work is involved in the instant case as the learned Resolution Professional has filed a Petition for liquidation of the Company only. On 07th December 2018, Shri Satish, Chief Manager of Karnataka Bank Ltd., submitted before this Bench that they are liberal in approving the fees of IRP who claims of ₹ 2,00,000/- per month for issuing a paper notific ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dator. iii. That the Personnel of Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. iv. Issue a public announcement stating that that the Corporate Debtor is in liquidation within 5 days of the receipt of certified copy of this Order. v. No suit or other legal proceedings shall be instituted by or against the Corporate Debtor as provided under Section 33(5) of the Code. However, it would not apply to any other legal proceedings relating to such transactions as maybe notified by the Central Government. vi. The Liquidator appointed shall discharge his functions pursuant to powers and duties conferred under Section 35 and other r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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