9911796707
TMI Blog2021 (1) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... er dated 22.4.2020, this Tribunal admitted the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Mr. Amarjeet Singh, Proprietor of Vineet Enterprises, Ernakulam, Kerala, the operational creditor against M/s Goodwin Packpet Private Limited, corporate debtor and appointed the applicant herein as the Interim Resolution Professional directing him to take necessary steps as contemplated under the relevant provisions of the Act and Regulations of IBBI after the relaxation of nationwide Lockdown declared by the Government. The IRP published the public notice on 24.10.2020 in two dailies under section 13&15 of IBC 2016. Thereafter, on the request made by the IRP, this Tribunal extended the per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CoC consists of financial creditors having 100% voting power to take a decision for liquidation. Hence the CoC decided to go for liquidation and authorized the IRP to file a liquidation intimation petition before this Tribunal on or before 30.11.2020 under Section 33(2) of IBC 220. Since the suspended directors of CD are not cooperating and the company is not a going concern, it is impossible to complete the CIRP. Hence the CoC decided to approach this Tribunal for ordering liquidation order. Hence the applicant filed the present I.A seeking an order for liquidation of 1st respondent company (corporate debtor) as contemplated under Section 33(2) of IBC 2016. 3. This Tribunal thoroughly perused the pleadings in the I.A and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the order passed by Hon'ble High Court of Kerala on 4th December, 2020 in WP (C ) No.24637 of 2020 in which it is stated that the date mentioned for taking over the management and possession of the assets of the company of which the petitioners are directors is already over and moreover the order impugned (Ex.P2) (Order in IA 184/20) is an appealable one. Hence the Writ Petition was dismissed. 4. During arguments Shri Satiq Buhari, Interim Resolution Professional stated that he is not interested to continue as Liquidator in this matter. This submission is recorded. Hence this Tribunal decided to appoint a resolution professional from the panel of IPs issued by the Insolvency and Bankruptcy Board of India f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nation- For the purposes of this sub-section, it is hereby declared that the committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub-section (1) of section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum. 6. After considering all the above aspects, and considering the fact that the 2nd CoC with 100% voting right resolved to approach the Adjudicating Authority for liquidation under Section 33(2) of IBC, this Tribunal can pass an order for liquidation as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of subsection (1) mentioned above. Hence this Tribunal pass the following ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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