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TMI Blog2021 (4) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... dissented for appointment of RP as Liquidator. Since the majority of the CoC Members had voted against Applicant s appointment as liquidator. From the subsequent material submitted it is observed that Mr. Rajeev Muppidi from Axis Bank Limited vide its email dated January 15, 2020, has consented on behalf of the bank for the appointment of RP as Liquidator. The application is allowed to initiate liquidation process against the Corporate Debtor. - MA 4008 of 2019 In CP (IB) 4524/MB/C-II/2018 - - - Dated:- 26-3-2021 - Janab Mohammed Ajmal, Member (Judicial) and Mr. Ravikumar Duraisamy, Member (Technical) For the Applicant: Ms. Savita Nangare a/w Mr. Raj Dani, Advocates i/b Atham Legal. ORDER This is an Application filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aim Amount (in INR) Claim Admitted (in INR) Voting % 1. Axis Bank Limited Secured 19,06,84,960 19,06,84,960 72.34% 2. Omkara Assets Reconstruction Private Limited Secured 2,97,45,314 2,97,45,314 11.30% 3. Suraksha Realty Limited Unsecured 4,32,21,917 4,32,21,917 16.38% TOTAL 26,36 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and Building 2. Mr. Pradeep P. Land and Building 3. Mr. Prashant Jain Securities and Financial Assets 4. CA Dr. S P Das Securities and Financial Assets Since there is no plant and machinery to offer for valuation, CoC had resolved not to appoint any Valuers for valuation of the same (Meaning??). 8. The Applicant submits that the Valuation for the assets of the Corporate Debtor as per the report submitted by the Valuers is as under: (Amt. in Rs.) Sr. No Name of Valuer Class o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on audit report submitted by the Applicant, the applicant was advised to invite quotations from forensic auditors. Subsequently CoC members advised the Applicant to schedule a meeting of two shortlisted firms in the third meeting of the CoC which was scheduled on 27 th September, 2019. After meeting these two shortlisted firms, the Applicant was advised to appoint M/s. J C Kabra Associates as Forensic Auditors for conducting Forensic Audit from FY 2009-10 to FY 2015-16 (7 years). The Forensic Auditor has informed that he is anticipating some major breakthrough in next few days and has observed major fund diversion from India to US subsidiaries and shall finalize and authenticate his report on receipt of Dun Bradstreet reports of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its 5 th meeting resolved in favour of liquidation of the Corporate Debtor. In view of the unanimous decision of the CoC, we have no other option than to admit MA 4008 of 2019 and initiate Liquidation process of the Corporate Debtor. 14. In the 5th CoC meeting, CoC members having 27.68% of voting share has assented for appointment of RP as Liquidator but CoC members having voting share of 72.34% dissented for appointment of RP as Liquidator. Since the majority of the CoC Members had voted against Applicant s appointment as liquidator. From the subsequent material submitted it is observed that Mr. Rajeev Muppidi from Axis Bank Limited vide its email dated January 15, 2020, has consented on behalf of the bank for the appointment of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate Debtor is in liquidation, as required in terms of section 33(1) of the Code; f. The moratorium declared under Section 14 of the I B Code shall cease to operate here from. g. All the powers of the Board of Directors and key managerial persons of the Corporate Debtor shall cease to exist. All these powers shall henceforth vest in the Liquidator; h. The personnel of the Corporate Debtor shall extend all co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor; i. On initiation of the liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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