9911796707
TMI Blog2019 (1) TMI 1781X X X X Extracts X X X X X X X X Extracts X X X X ..... g Authority deems it fit to Order liquidation of the Corporate Debtor - Application disposed off. - MA NO. 612/IB/2018, CP(IB)NO./292/CB/2018 - - - Dated:- 7-1-2019 - B.S.V. Prakash Kumar, Judicial Member And S. Vijayaraghavan, Technical Member For the Applicant : Vasudevan, RP ORDER S. VIJAYARAGHAVAN, TECHNICAL MEMBER 1. Matter under consideration is an application dated 14.11.2018 filed by Mr. Vasudevan, the Resolution Professional for M/s. Uthrakalimman Infrastructures Private Limited, (for short 'Corporate Debtor') which is under CIRP as per the Order dated 14.05.2018. 2. The facts of the case as it stands now, in brief, is that the original petition under Section 7 of the Insolvency and Bankruptc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIR process and there were no other claim received. 4. The total amount of claim from the said sole Financial Creditor is ₹ 188,91,41,501/- (Rupees One Hundred Eighty Eight Crore Ninety One Lakh Forty One Thousand Five Hundred and One only). 5. The RP has informed that the expense incurred during the CIRP was ₹ 2,900,249/- for Public Announcement and other expenses. The CoC has approved and ratified the said expenses as CIRP costs. Considering the resolution approved by the COC, the facts and circumstances of the case, no meaningful resolution can be arrived at in the CIR Process. It is further submitted that two Registered Valuers were appointed to determine the fair value and liquidation value of the Corporate Debtor in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the committee of creditors; iii. The moratorium declared under Section 14 of the I B Code, 2016, shall cease with the date of approval of this order. iv. Copy of this Order shall be sent to the Registrar of Companies, RD, OL and the Registered Office of the Corporate Debtor; v. As stated in Section 33(5) of the I B Code 2016, subject to Section 52, 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. vi. We make it clear that para (v) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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