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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 ..... g. Considering 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'. Application allowed. - IA 674 of 2019 in TP 33 of 2019 and CP(IB) 67 of 2018 - - - Dated:- 24-6-2020 - M.B. Gosavi, Member (J) And Virendra Kumar Gupta, Member (T) For the Appellant/Respondent : Arjun Sheth ORDER VIRENDRA KUMAR GUPTA, MEMBER (T) 1. The present Interlocutory Application seeking for liquidation of the Corporate Debtor Company is filed by the Resolution Professional under Section 33(1), 33(2) 34(1) of the Insolvency Bankruptcy Code,. 2. The Corporate Debtor was admitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of liquidation as there was no reason to continue with Corporate Insolvency Resolution Process. 6. We have considered the submissions made by Learned Counsel for the Applicant and material available on record. It is noted that the Corporate Debtor was admitted in to Corporate Insolvency Resolution Process vide order dated 24.01.2019 in CP(IB) No. 67/7/NCLT/AHM/2018. 7. It is found that, no Resolution Plan has been received during Corporate Insolvency Resolution Process nor EOI's have been received. In these circumstances, there remains no other option but to pass an order of Liquidation of the Corporate Debtor and this has also been decided by the Committee of Creditors in its meeting dated 26.09.2019 with 100% voting. Cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidator to institute suite or other legal proceeding on behalf of the corporate debtor with prior approval of this Adjudicating Authority as mentioned in Sub-Section 6 of Section 33 of the LB. Code. 6. The Liquidator shall co-ordinate with all the authorities and the respected Government Authorities and shall provide complete information to facilitate the process of Liquidation. 7. The Liquidator is at liberty to seek any directions, if need be from this Tribunal during the Liquidation Process. 8. The Liquidator shall take necessary legal action to recover the trade receivables and other credits such as loans and advances from the parties which are reflected in the latest balance sheet of the Corporate Debtor, if any. This directio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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