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TMI Blog2021 (2) TMI 438X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor viz., Dhorajia Engineering Company Private Limited under Section 9 of the IB Code, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") which was admitted by this Adjudicating Authority vide its Order dated 21.11.2019 and appointed the Applicant, Mr. Kiran Shah as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor. It is stated in the application that Committee of Creditors (hereinafter referred as "CoC") in its Second Meeting held on 09.01.2020 decided for continuation of the IRP as RP. Meanwhile, Suspended Management was in the process of settlement with the Operational Creditor and hence, requested for time from the CoC but the suspended manageme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all the factors leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or sub-class of creditors lies with the CoC." Under the facts and circumstances as narrated above, we pass the following orders: a) The moratorium declared under Section 14 of the IB Code shall cease to have effect from the date of the order of liquidation. b) The Liquidator is further directed to issue public announcement stating that the Corporate Debtor is in liquidation. c) The Liquidator is required to send certified 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Board. j) The Registry is directed to communicate this order with immediate effect to the concerned Registrar of Companies, registered office of the Corporate Debtor and Company Liquidator for information and compliance. Hence, the IA 400 of 2020 in CP(IB) 430 of 2018 so filed by the RP under Section 33 & 34 of the IB Code, 2016 is allowed and the Adjudicating Authority passes an order for initiation of liquidation of the Corporate Debtor viz., Dhorajia Engineering Company Private Limited. The RP i.e. Mr. Kiran Shah, shall act as the Liquidator for the purpose of liquidation of the Corporate Debtor. Further, the lockdown period of 68 days i.e. from 25.03.2020 to 31.05.2020, is exempted from the CIRP period. Accordingly, the instant I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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