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TMI Blog2020 (3) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... EL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA OTHERS [ 2019 (11) TMI 731 - SUPREME COURT ]. The Corporate Debtor is allowed to be liquidated - moratorium cease to have effect. - Manorama Kumari, Member (J) And Chocklingram Thirunavukkarasu, Member (T) For the Appellant : Tarak Damani For the Respondent : Kristy Baptist, Advocates ORDER Manorama Kumari, Member (J) 1. The Applicant, Resolution Professional (hereinafter referred as RP ) of the Corporate Debtor filed the instant IA No. 58 of 2020 in the aforesaid Company Petition (IB) No. 238 of 2018 for liquidation of the Corporate Debtor under section 33(1), 33(2) and 33(3) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as IB Code ). 2. The facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibility that any buyers will show interest in buying the Corporate Debtor and the Corporate Debtor will have to incur unnecessary cost towards public advertisement by issuing expression of interest for calling Resolution Applicant. 2.4 It is stated by the Applicant that in the Ninth CoC meeting held on 13.11.2019, CoC passed a resolution to liquidate the Corporate Debtor with 94.51% voting and directed the RP to file an application for Liquidation as per the provisions of the IB Code for liquidation of the Corporate Debtor. 3. Heard the applicant and also seen the records, it is found that for the reasons mentioned hereinabove CoC does not wish to continue the CIRP process and therefore, the CoC has resolved for liquidation of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed copy of this order to the authority with which the Corporate Debtor is registered. d) Subject to Section 52 of the IB Code, 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. e) This Authority makes it clear that para (d) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. f) The Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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