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TMI Blog2020 (12) TMI 492X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor where there is no registered office, no operations going on in the Company/factory premise of the Corporate Debtor, no employees, workers, Directors working, the Corporate Debtor is completely shut down and it would be feasible and viable to liquidate the Corporate Debtor under Section 33(2) of the IBC, 2016 in the interest of various stakeholders of the Corporate Debtor. The Resolution Professional represents that valuation report as required to be obtained under the provisions of IBC, 2016 in relation to the fair value of the assets of the corporate debtor as well as its liquidation value has been duly done by 2 registered valuers and 2 reports dated 22.10.2019 and 15.11.2019 have been submitted before the Adjudicating Authority. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ivate Limited, herein the Corporate Debtor, under Section 9 of the IBC on account of default. The Adjudicating Authority vide order dated 01.06.2018 admitted the said application and appointed Mr. Rajesh Kumar Parakh as the Interim Resolution Professional. 3. The IRP issued a Public Announcement dated 26.06.2018 under Regulation 6 of IBBI Regulations and invited claims from the creditors of the Corporate Debtor. On receiving the claims the IRP constituted theCoC of the Corporate debtor. The first meeting of CoCwas held on 27.07.2018 wherein the IRP was not appointed as the Resolution Professional. However the IRP received the claims of various Creditors and as per the available records and information, the IRP classified them as the Fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor which is governed by Section 73 to 76 of the Companies Act, 2013 or whether money advanced is not deposit but an unsecured loan/ short term loan to the Corporate Debtor based on the agreement between the parties which is supported by a letter and correspondences between the Corporate Debtor and Respondents Nos.3 to 11, fixing the rate of interest, to be paid thereon. The Corporate Debtor has paid interest against the said advanced loan for a certain period and thereafter has defaulted, reveals that the said terms of advance of money was agreed and accepted by parties. Para 23- On perusal of Section 73(1) of the Companies Act, 2013 read with Rule 2(c) of Companies (Acceptance of Deposit) Rules and after analysing the tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es to recover their debt. Further it was ordered that the COC meetings held on 13.08.18(as corrected vide order 29.07.2019), 29.08.18, 12.09.18 and 29.09.18 are non-est and resolutions passed if any therein such meetings stands nullified. 7. In consequence to the Application filed by Shinhan Bank, who was declared as the sole Financial Creditor vide order dated 09.07.2019, Shinhan Bank filed application C.A. 88/2018 in IB 492(ND)/2018 wherein the Adjudicating Authority appointed Ms.Kiran Martin Golla as the Resolution Professional of the Corporate Debtor vide order dated 18.09.2019. The Resolution Professional herein the applicant took over the charge of the Corporate Debtor on 03.10.2019 and appointed two Registeredvaluers to determine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor, no employees, workers, Directors working, the Corporate Debtor is completely shut down and it would be feasible and viable to liquidate the Corporate Debtor under Section 33(2) of the IBC, 2016 in the interest of various stakeholders of the Corporate Debtor. 9. The Resolution Professional represents that valuation report as required to be obtained under the provisions of IBC, 2016 in relation to the fair value of the assets of the corporate debtor as well as its liquidation value has been duly done by 2 registered valuers and 2 reports dated 22.10.2019 and 15.11.2019 have been submitted before the Adjudicating Authority. The average of the fair value of assets and liquidation value as per the reportsis ₹ 1,65,00,000/- a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iscal 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 debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; g. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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