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TMI Blog2021 (3) TMI 994X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidation has been fixed in the COC meeting held on 17.01.2020. Liquidation order is passed - application allowed. - CA NO.121 OF 2019 IN CP(IB) NO.64/ALD/2017 - - - Dated:- 16-3-2021 - Mr. Justice (Retd.) Rajesh Dayal Khare, Member, Judicial For the Resolution Professional : Mr. Saurabh Basu Adv alongwith Mr. Ranjan Mukherjee, Adv and Mr. Yogesh Gupta-RP in Person For the Suspended Management : Ms. Gunjan Jadhwani, Adv ORDER The present application is filed under Section 33 (1) (a) read with 33 (2) of the Insolvency and Bankruptcy Code by the Resolution Professional, through his Counsel seeking order of the liquidation and appointment of liquidator under Section 33 and 34 of the Insolvency Bankruptcy C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nding for the liquidation of the corporate debtor pursuant to the provisions of Sec 33 IBC. 6. The objections raised on behalf of Prospective Resolution applicant in the present application is the Mr. Amit Gupta had proposed to become the Resolution Applicant. However, the Resolution Professional without giving any reasons, rejected his proposal to become the Resolution Applicant, thus submitted that such act of the Resolution Professional is arbitrary and contrary to the provisions of law. It is further stated that the procedure to submit the Resolution Plan arises only after the Information Memorandum is shared with the Resolution Applicant and the Resolution Plan is made on the basis of Information Memorandum provided by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iling Civil Appeal No. 1435/2020, which was also dismissed by the Hon ble Apex Court vide order dated 20.02.2020. 8. It is further contended that as there was no resolution plan, the COC has passed the resolution for liquidation of the corporate debtor with 89.18% of voting shares and now since the proceedings have been finalized by the Hon'ble Apex Court, there is no impediment for passing the order. 9. Upon hearing the submissions made b the parties and going through the contents of the present Liquidation application and pursuing the documents annexed therewith, this Adjudicating Authority.is of the view that the liquidation order can be passed in respect of Corporate Debtor i.e. Varanasi Auto Sales Limited, as no re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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