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TMI Blog2021 (6) TMI 787X X X X Extracts X X X X X X X X Extracts X X X X ..... 2749/MB/C-II/2019 in CP (IB) 292/MB/C-II/2018 - - - Dated:- 3-6-2021 - Harihar Prakash Chaturvedi, Member (J) And Ravikumar Duraisamy, Member (T) For the Appellant : Party-in-Person ORDER Harihar Prakash Chaturvedi, Member (J) 1. The IA 2749 of 2019 is moved by Mr. Jitendra Palande (hereinafter called as Resolution Professional ) Under section 33 of the Insolvency and Bankruptcy Code, 2016 seeking Liquidation of the Corporate Debtor, Forever Entertainment Private Limited (hereinafter called as the Corporate Debtor ). Summary of Reliefs and Extension sought by IA 2749 of 2019: a. Pass appropriate directions thereby effecting liquidation of the assets of the Corporate Debtor under Section 33 of the Insolvency and Bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplicants (RAs) which were shortlisted in the final list of Prospective Resolution Applicants during the course of CIRP conveyed to RP/Applicant after the 4th COC meeting that they are not interested in submitting resolution plans. 4. Thereafter, COC had unanimously voted for CIRP extension during 4th COC meeting held on June 29, 2019 for giving more time to prospective RA to submit their resolution plans. However, immediately after the fourth COC meeting, the RA conveyed to the RP that they have withdrawn from this CIRP and that they would not be interested in submitting resolution plans. Main reasons for their withdrawal are as under. i. The RAs are not in a position to estimate this cost because certain risks are future risks and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of operation of law. 5. Pursuant to section 34(1) of the Code, the RP appointed for the CIRP shall act as liquidator for the purpose of liquidation unless replaced by Hon'ble AA under sub-section (4). As per the minutes of the 5th COC meeting, the CoC resolved that the RP be appointed as Liquidator as per the provisions of section 34(1) of the Code. [See Item No. 5 of Minutes of Meeting @ Pg. 49 of Miscellaneous Application No. 2749 of 2019 filed by the Applicant] The relevant extract of Item No. 5 of Minutes of Meeting of 5th COC meeting is as below: The CoC RESOLVED to not seek extension of CIRP. The CoC RESOLVED to propose that RP be appointed as Liquidator as per the provisions of the Code. 6. Further Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icant, RP Mr. Jitendra Palande, having IBBI Registration No: IBBI/IPA-003/IP-N00028/2017-18/10188 is hereby appointed as a Liquidator as per the provisions of Sec. 34 of the I B Code. iii. In view of the difference of opinion between RP and members of CoC in the past as brought in another IA filed by Secured Financial Creditors, RP is advised to act in the best interest of the Corporate Debtor and in compliance with the provisions of the Code as well as IBBI (Liquidation Process) Regulations, 2016. iv. The Liquidator shall advertise in two Newspapers, one in English language and one in Regional Language about the Liquidation of the Corporate Debtor as per the provisions of the I B Code. v. Copy of this Order shall be forwar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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