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TMI Blog2020 (9) TMI 1077X X X X Extracts X X X X X X X X Extracts X X X X ..... was admitted under Corporate Insolvency Resolution Process vide its order dated 24.01.2019 in an Application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016. 3. The Corporate Insolvency Resolution Process for 180 days. Corporate Insolvency Resolution Process got exhausted on 23.07.2019. However, extension of 90 days was given vide order dated 24.07.2019. The invitation for expression of interest were published on two occasions, however, no EOI was received one SKM Steel Ltd., requested for extension for submitting EOI. However, CoC, in absence of any concrete proposal from the said party in its meeting dated 26.09.2019 decided to not to give any extension and also resolved to put the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidering the factual situation of the matter and applicable legal provision(s), to be ordered that company to be liquidated. This to be further ordered that the Resolution Professional shall act as 'Liquidator'. The detailed order is as under:- ORDER 1. As per the Section 34(1) of the LB. Code, the Applicant/ Resolution professional, Mr. Rajesh Jhunjhunwala, (Registration No. IBBI/IPA-001/IP-P00647/2017-18/11102) is hereby appointed as a Liquidator of the company M/s. Siddharth Tubes Limited, having CIN No. U74140MP1965SG001008, which has been duly approved by CoC in its meeting dated 26th September, 2019. 2. All the powers of the Board of Directors, key managerial persons, the partners of the Corporate Debtor hereafter cease to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in concurrence of the jurisdiction prescribed under Section 33(5) of the Code. 9. This liquidation order shall be a deemed to be notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator. 10. The Moratorium declared vide order dated 24.01.2019 in CP(IB) No. 67/7/NCLT/AHM/2018, henceforth, ceases to exist. 11. The present LA. No. 674 of 2019 is allowed directing the appointed Liquidator to initiate and complete liquidation process as envisaged under Chapter - III of the Code by following the liquidation process as specified in the Insolvency and Bankruptcy Board of India (liquidation process) Re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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