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TMI Blog2019 (7) TMI 1628X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 30 of the I B Code, 2016, before the expiry of the Corporate Insolvency Resolution Process period of 180 days, the Corporate Debtor has to be ordered for Liquidation. Corporate Debtor is ordered to be liquidated. X X X X Extracts X X X X X X X X Extracts X X X X ..... ate appropriate proceedings against the EOW. 3. It is also noted that Applicant(s) in MA/443/2019 have arrayed the Director General of Police, Karnataka, Maharashtra, Telengana, Andhra Pradesh and Puducherry as Respondents for forwarding the claims, if any, to the Resolution Professional, to which notices were sent and the Respondent No. 4 viz., Director General of Police, Telengana was represented. The representative of R4 has submitted that time be granted for sending the available information to the Resolution Professional. There is no representation on behalf of the rest of the Respondents. However, the Resolution Professional is directed to coordinate with the Director General of Police, Karnataka, Maharashtra, Andhra Pradesh and Pudu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat existing Resolution Professional shall act as the Liquidator of the Corporate Debtor for the purpose of liquidation of the Corporate Debtor. (c) For such other and further reliefs as the nature and circumstances of the case may require." 8. It is recalled that CP/381/IB/2018 was filed under Section 9 of the I&B Code, 2016 by the Operational Creditor viz., Mrs. T. Preethi, against the Corporate Debtor viz., M/s. Thiripura Chits Private Limited to initiate CIR Process, which was admitted by this Authority vide Order dated 17.09.2018 and the Applicant viz., Mr. J. Manivannan, was appointed as Interim Resolution Professional (IRP) on 26.09.2018, who was later confirmed as Resolution Professional by the Committee of Creditors (CoC) o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssued by the NCLT, Chennai and accordingly the Resolution Professional has filed appropriate Application. While disposing of the Application as mentioned in the preceding paragraphs, inter alia a direction was given to EOW to handover records of the Corporate Debtor to the Resolution Professional. 12. It is averred that due to non-availability of the records of the Corporate Debtor, the Resolution Professional was not able to appoint the Registered Valuers for determination of fair and liquidation value of the Corporate Debtor; and issuance of "Expression of Interest" ("EoI") and preparation of Information Memorandum in accordance with the I&B Code, 2016 r/w relevant Regulations. It is further averred that in the instan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as laid down in the Code and Regulations made thereunder. 16. Since no Resolution Plan is received by this Authority under Sub-section (6) of Section 30 of the I&B Code, 2016, before the expiry of the Corporate Insolvency Resolution Process period of 180 days, the Corporate Debtor has to be ordered for Liquidation. ORDER 17. In view of the facts and circumstances recorded by Resolution Professional in MA/454/2019 filed in CP/381 /IB/2018 and in exercise of powers conferred under Sub-Clauses (i) (ii) and (iii) of Clause (a) of Sub-Section (1) of Section 33 of the I&B Code, 2016, this Authority proceeds to pass Liquidation Order as follows: - I. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Thiripura Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I&B Code, 2016, r/w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. VIII. The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. IX. The Company Liquidator shall be entitled to charge such fees for the conduct of the liquidation proceedings and in such a proportion to the value of the liquidation estate assets as specified under Regulation 4 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. X. The Registry is directed to communicate this order with imm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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