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TMI Blog2021 (4) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... he Resolution Professional to file miscellaneous application and seek the further direction and order under section 33(1)(a) and 34(1) of the code from this Tribunal by passing the resolution with voting share of 100% of physically present. It is observed from the minutes of the 3rd CoC meeting that the CoC has, with 100% majority, decided to liquidate the Corporate Debtor and relying on the settled principle of law regarding the Commercial Wisdom of the CoC - the application is allowed. - I.A. 332 of 2020 - - - Dated:- 22-3-2021 - H.V. Subba Rao, Member (J) And Shyam Babu Gautam, Member (T) For Resolution Professional : Sneha Gupta, Advocate ORDER Shyam Babu Gautam, Member (T) 1. It is an application filed by Resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the creditors of the Corporate Debtor. The Committee of Creditors (CoC) was formed and the 1st meeting was held on 16.08.2019 wherein the CoC approved resolution allowing IRP to continue as Resolution Professional (RP). 3. During the 3rd meeting of the CoC which was held on 19.09.2019, the CoC decided to liquidate the company as the unit is not in operation since long and there are no workers and employees. No Expression of Interest received from prospective resolution applicant, the Committee of Creditors approved the initiation of liquidation of the corporate debtor by passing the resolution and directed the Resolution Professional to file miscellaneous application and seek the further direction and order under section 33(1)(a) and 34( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visaged under Chapter-III of the Code by following the liquidation process given in the Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. d. The Liquidator appointed under section 34(1) of the Code. Will have all powers of the board of directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the liquidator. e. That the Corporate Debtor to be liquidated in the manner as laid down in the Chapter by issuing Public Notice stating that the Corporate Debtor is in liquidation with a direction to the Liquidator to send this order to the ROC under which this Company has been registered. f. All the powers of the Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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