9911796707
TMI Blog2021 (5) TMI 718X X X X Extracts X X X X X X X X Extracts X X X X ..... leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or sub-class of creditors lies with the CoC. The moratorium declared under Section 14 of the IB Code shall cease to have effect from the date of the order of liquidation - liquidation order is passed. - Manorama Kumari, Member (J) And Chocklingram Thirunavukkarasu, Member (T) ORDER Mr. Akhil Sarathy, Advocate appeared on behalf of RP. Mr. Raj Dani, Advocate appeared on behalf of COC. Mr. Siddha Parecha, Advocate appeared on behalf of COC. Mr. Mahesh Chand Gupta, RP is present in person through video conferencing. 1. The instant application is filed under section 33 of the IB Code, 2016. 2. It is a matter of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial wisdom has been exercised by the CoC after taking into count all the factors leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or sub-class of creditors lies with the CoC. 6. Under the facts and circumstances as narrated above, we pass the following orders: a) The moratorium declared under Section 14 of the IB Code shall cease to have effect from the date of the order of liquidation. b) The Liquidator is further directed to issue public announcement stating that the Corporate Debtor is in liquidation. c) The Liquidator is required to send certified copy of this order to the authority with which the Corporate Debtor is registered. d) Subject to Section 52 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idation estate assets as may be specified by the Board. j) The Registry is directed to communicate this order with immediate effect to the concerned Registrar of Companies, registered office of the Corporate Debtor and Company Liquidator for information and compliance. 7. Accordingly, the application so filed by the RP is allowed and in the circumstances, the Adjudicating Authority passes an order for liquidation of the Corporate Debtor under Section 33 of the IB Code, 2016. The COC has not proposed the name of Liquidator. Hence, this Adjudicating Authority appoints Mr. Nandish Sunilbbhai Vin having registration No. IBBI/IPA-001/IP-P02117/2020-2021/13270 as the Liquidator for the purpose of liquidation of the Corporate Debtor. 8. The IRP/RP ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
