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TMI Blog2021 (6) TMI 1018X X X X Extracts X X X X X X X X Extracts X X X X ..... to act as liquidator. Hence the proposed RP/applicant is appointed to act as a liquidator. Application allowed. - IA 311 (AHM)/2021 in CP (IB) 635/9 (AHM)/2019 - - - Dated:- 21-6-2021 - Madan B. Gosavi, Member (J) And Virendra Kumar Gupta, Member (T) For the Appellant : Arjun Padhiyar, Learned Counsel For the Respondents : Party-in-Person ORDER Virendra Kumar Gupta, Member (T) 1. The present Interlocutory Application is filed by the Resolution Professional for liquidation of the Corporate Debtor i.e. M/s. Bansal Shipping Private Limited under Section 33 r.w. Section 34 of the Insolvency Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ). 2. The facts, in brief, are that the Corporate Debtor was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Debtor being non-operating unit and having no assets (except Cash and Bank Balance), hence, the COC resolved to liquidate the corporate debtor as a going concern. 3. Learned Senior Counsel for the applicant appeared and narrated these basic facts. After considering the submissions made by him and material available on record, we hold that an order of liquidation can be passed in the present case as no resolution has been received and COC has also resolved to do so. The COC has passed the resolution to liquidate the corporate debtor in compliance of section 39B 39C of IBBI (CIRP) Regulations, 2016. The sole member of COC has also resolved to contribute to the costs of liquidation. The name of the RP has been proposed by the applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dation proceedings in proportion to the value of the liquidation estate assets as specified by IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of the Code. VII. That once having liquidation process initiated, subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suite or other legal proceeding on behalf of the corporate debtor with prior approval of this Adjudicating Authority as mentioned in Sub-Section 6 of Section 33 of the LB. Code. VIII. The Liquidator shall co-ordinate with all the authorities and the respected Government Authorities a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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