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TMI Blog2021 (5) TMI 474X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication from the Promoters of the Corporate Debtor and also guided by the decision of the Hon'ble Supreme Court in the matter of K. SASHIDHAR VERSUS INDIAN OVERSEAS BANK OTHERS [ 2019 (2) TMI 1043 - SUPREME COURT] this Tribunal orders for the liquidation of the Corporate Debtor. The Corporate Debtor are allowed to be liquidated - application allowed. - IA/1228/IB/2020 in IBA/42/2020 - - - Dated:- 16-4-2021 - R. Varadharajan, Member (J) And Anil Kumar B., Member (T) For the Appellant : Akshita, Advocate ORDER Anil Kumar B., Member (T) 1. This is an application filed under Section 33(1)(a), 33(2) and 34(1) of the Insolvency and Bankruptcy Code 2016 (in short 'IBC, 2016') seeking relief as follows: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... suspended director was present. It was submitted that in the first meeting of the CoC itself it was taken note that the Corporate Debtor was not in operation and there is no scope for business continuity and revival and further there was no movable and immovable assets of the Corporate Debtor other than the Bank balance and hence a Valuer was not appointed and accordingly, the Financial Creditor has proposed to pass a resolution directly to liquidate the Corporate Debtor and to that effect, the following Resolution was passed; RESOLVED THAT the business of the Corporate Debtor is inoperative and there is no scope of revival/resolution and hence the Committee of Creditors unanimously decided to Liquidate the Corporate Debtor subject to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... absence of any opposition to the Application from the Promoters of the Corporate Debtor and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan Vs. Indian Overseas Bank this Tribunal orders for the liquidation of the Corporate Debtor. 6. It is also seen from the records that the Applicant herein has accorded his written consent in Form AA to act as the Liquidator of the Corporate Debtor. In the circumstances, CA S. Prabhu, IBBI/IPA-001/IP-P01275/2018-2019/11948, is appointed as the Liquidator of the Corporate Debtor to carry out the liquidation process subject to the following terms of the directions. a) The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016. h) The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section - 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company Applications during the process of liquidation. i) The Liquidator shall submit a Preliminary report to this Tribunal within 75 (seventy-five) days from the liquidation commencement date as per regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. Further such other or further report as are required to be filed under the relevant Regulations, in addition, shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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