9911796707
TMI Blog2021 (5) TMI 431X X X X Extracts X X X X X X X X Extracts X X X X ..... ated - Application allowed. - IA/213/IB/2020 in IBA/332/2019, IA/35/IB/2021 in IA/213/IB/2020 in IBA/332/2019, E-filing No. 3305118/0013/2021 in IA/213/IB/2020 in IBA/332/2019 and IA/805/IB/2020 in IA/213/IB/2020 in IBA/332/2019 - - - Dated:- 20-4-2021 - R. Sucharitha, Member (J) And B. Anil Kumar, Member (T) For the Appellant : P.H. Arvindh Pandian, Senior Advocate and E. Om Prakash, Senior Advocate for T.M. Naidu Co. For the Respondents : P.H. Arvindh Pandian, Senior Advocate for Indialaw LLP and P.S. Ganesh, Advocate ORDER R. Sucharitha, Member (J) 1. IA/213/IB/2020 filed by the Resolution Professional seeking order of liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... days and exclusion of 55 days was granted under Section 12(2) of the Code by this Adjudicating Authority vide order dated 25.10.2019. Inspite of this, no Resolution Plan could be obtained. 8. The Applicant further submits that there is a leased property of the Corporate Debtor which was leased out by Mr. Arumugasamy to his son Mr. A. Raghuram, by name, other than that there are no other transactions/business in the Corporate Debtor. A sum of ₹ 22,70,22,000/- is due and pending from the said Mr. A. Raghuram. An application under Section 45, 49, 66 69 of the Code seeking a direction against Mr. A. Raghuram and Mr. Arumugasamy is pending before this Adjudicating Authority for adjudication. 9. The Applicant submits that Form G wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016 and the attendant Rules and regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended upto date enjoined upon him. b) The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/employees and workers of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge. c) The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to preferential transactions/undervalued transactions and such other similar transactions including fraudulent preferences and file suitable application before this Adjudicating Authority. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition, shall also be duly filed by him with this Adjudicating Authority. j) Copy of this order be sent to the Financial Creditors, Corporate Debtor and the Liquidator for taking necessary steps and for extending the necessary co-operation in relation to the Liquidation process of the Corporate Debtor, viz., company-in-liquidation. 14. Accordingly, IA/213/IB/2020 is hereby allowed with the aforesaid terms. 15. At this juncture, it is important to list out the other three applications filed by the erstwhile Board of Director i.e. Mr. Arumugasamy as under: A) IA/35/2021 in IA/213/IB/2020 in IB A/332/2019, seeking relief as follows: That this Hon'ble Tribunal may be pleased to treat the matter as Urgent to hear and pas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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