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TMI Blog2019 (10) TMI 1308X X X X Extracts X X X X X X X X Extracts X X X X ..... ssets of Kohinoor Power Private Limited and hence were no longer interested in pursuing the opportunity further as Resolution Applicant - 12th CoC meeting was held on 10th June, 2019 and it was unanimously agreed by the CoC members that since there was no Resolution Plan, liquidation is to follow as per the provisions of IBC, 2016. The process of liquidation of the Corporate Debtor under section 33 of the I B Code, 2016 is allowed. - CA (IB) No. 1033/KB/2019 in CP (IB) No. 602/KB/2018 - - - Dated:- 4-10-2019 - M.B. Gosavi, Member (J) And Virendra Kumar Gupta, Member (T) ORDER 1. SK Construction - the Operational Creditor filed this Petition under section 9 of the Insolvency Bankruptcy Code, 2016 (in short, I B Code) again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Resolution Plan to the CoC members in the 11th CoC meeting held on 17th May, 2019, they were of the opinion that without security of land on which the plant of Kohinoor Power is located, it is difficult to envisage any value for the assets of Kohinoor Power Private Limited and hence were no longer interested in pursuing the opportunity further as Resolution Applicant. 12th CoC meeting was held on 10th June, 2019 and it was unanimously agreed by the CoC members that since there was no Resolution Plan, liquidation is to follow as per the provisions of IBC, 2016. Hence, CA(IB) No. 1033/KB/2019 is filed by the Resolution Professional for passing an order of liquidation of the Corporate Debtor. 5. This Tribunal vide order dated 4th Octo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... read with Reg. 13 of the IBBI(Liquidation) Regulations, 2016 at the registry within 75 days from the liquidation commencement date and continue to file progress reports as per Reg. 15(1) within 15 days after the end of the quarter in which he is appointed. 9. The fee payable to the Liquidator shall form part of the liquidation cost as provided under Reg. 4(1) of the IBBI (Liquidation Process) Regulations, 2016. 10. Registry is hereby directed to communicate the order to the RP, Financial Creditor, Corporate Debtor and the Liquidator by Speed Post and also by email for information and for taking necessary steps. 11. CA(IB) No. 1033/KB/2018 stands disposed off. 12. CP(IB) No. l250/KB/2018 is disposed off as the Corporate Debtor ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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