9911796707
TMI Blog2019 (2) TMI 1835X X X X Extracts X X X X X X X X Extracts X X X X ..... e moratorium declared under Section 14 of the I B Code, 2016, shall cease to have effect from the date of passing of this order of liquidation. The petition filed by the Resolution Professional under Section 33(2) of the I B Code, 2016, for initiation of the Liquidation Proceedings against the Corporate Debtor viz., M/s. Praiseworth Infra Private Limited, stands disposed of. - MA NO. 118/2019, CP (IB) NO. 350/2018 - - - Dated:- 19-2-2019 - Ch. Mohd. Sharief Tari, Judicial Member ORDER 1. The Miscellaneous Application No. 118/2019 filed in CP/350/IB/CB/2018 has been presented by the Resolution Professional viz., Mr. C. Ramasubramaniam, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, (in short 'I B Code, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;) vide publication dated 17.10.2018 for submission of the Resolution Plans from the prospective Resolution Applicants by mentioning the last date for submitting the Resolution Plans as 01.11.2018. It is further stated that the Resolution Professional as such has not received any Resolution Plan from the prospective Resolution Applicants. 6. It is further averred by the Resolution Professional in the Application that the Corporate Debtor is in the business of acquiring and holding property and to carry on the business of Real Estates Builders, Developers, Realtors, Servicing and Maintaining Flats etc. 7. In the 4th Meeting of the CoC held on 01.02.2019 the CoC has unanimously resolved to liquidate the business of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate 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 passing of this 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 financial sector regulator. VI. This Order shall be deemed t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
