9911796707
TMI Blog2020 (12) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy Code, 2016 (hereinafter referred as the "Code") for order of liquidation of the corporate debtor,Moser Baer Electronic Limited. 2. The facts in brief are that the an application for Corporate Insolvency Resolution Process was preferred by Autonix Lightning Private Limited, herein the Operational Creditor in the matter of Moser Baer Electronic Limited, herein the Corporate Debtor, under Section 9 of the IBC on account of default. The Adjudicating Authority vide order dated 17.09.2019 admitted the said application and appointed Mr. Hemant Sharma as the Interim Resolution Professional of the Corporate Debtor. 3. The IRP issued a Public Announcement dated 19.07.2019 under Regulation 6 of IBBI Regulations and invited claims fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ail dated 30.11.2019 withdrew its interest from the submission of Resolution Plan in the instant matter. 5. The Resolution Professional, in the Fifth CoC meeting held on 09.01.2020 apprised the members that till date no Resolution Plan has been received in the instant matter. The members further voted in favour of extension of the CIRP period by another 90 days as the limit of 180 days for completion of the CIRP was going to end on 13.01.2020 for which the Resolution Professional filed an application under section 12(3) read with 12(2) of the IBC, which was allowed by the Adjudicating Authority vide order dated 15.01.2020. Further the committee was of the view that it would be prudent to take a commercial view and another publication (Form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or b. rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered." 9. The Resolution Professional represents that valuation report as re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istrar of Companies, NCT of Delhi & Haryana and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly in relation to other fiscal and regulatory authorities which governs the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation e. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; f. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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