2021 (1) TMI 510

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..... plan, intimates the Adjudicating authority of the decision of the CoC approved by not less than sixty-six per cent. of the voting share, to liquidate the corporate debtor. In the present case, the CoC has resolved by 100 per cent. voting share to liquidate the corporate debtor. Application is allowed and the corporate debtor is ordered to be liquidated in terms of section 33(2) of the Code read with sub-section (1) thereof.
V. K. Rajasekar (Judicial Member) And Harish Chander Suri (Technical Member) For the Applicant : Subodh Kumar Agrawal, Resolution Professional in person ORDER V. K. RAJASEKHAR (JUDICIAL MEMBER).- 1. This court convened, via, video conferencing. 2. This is an application filed by the resolution professional upon .....

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..... the corporate debtor. In the same meeting, the matter of inviting expressions of interest (EoI) was deferred. Information memorandum was circulated to the members of the CoC and of the suspended board of directors on March 23, 2020. Thereafter, on March 25, 2020 lockdown was implemented by the Central and State Governments owing to the COVID-19 pandemic. 8. At the third meeting of the CoC held on April 15, 2020 through video conferencing, the matter of inviting EoIs was again placed for consideration, but the CoC deferred the agenda item, preferring instead to discuss the liquidation of the corporate debtor. No decision was taken in this regard at the fourth and fifth meetings of the CoC held on July 30, 2020 and September 4, 2020 too. 9 .....

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..... g share, to liquidate the corporate debtor. In the present case, the CoC has resolved by 100 per cent. voting share to liquidate the corporate debtor. 13. This Bench, therefore, hereby orders as follows : (a) I. A. No. 1169/KB/2020 filed by Mr. Subodh Kumar Agrawal, RP of Nippon Alloy Ltd., the corporate debtor, is allowed and the corporate debtor is ordered to be liquidated in terms of section 33(2) of the Code read with sub-section (1) thereof. (b) Mr. Subodh Kumar Agrawal (Reg. No. IBBI/IPA-001/IPP00087/ 2017-18/10183), the applicant/RP herein, is hereby appointed as liquidator as provided under section 34(1) of the Code, subject, however, to his possessing a valid Authorisation for Assignment (AFA) issued by the Insolvency Professi .....

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