9911796707
TMI Blog2021 (7) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... of Creditors (CoC) seeking liquidation of the Corporate Debtor, viz., Sarnamoy Plastic Sack Manufacturing Private Limited [CIN: U74900WB2013PTC190025], on the ground that the Resolution Plan was rejected by the CoC. 3. This Adjudicating Authority vide its order dated 23.07.2020 on a Petition filed by the Punjab National Bank (financial creditor) under section 7 of the Insolvency and Bankruptcy Code, 2016 ('the Code') directed initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointed Mr. Sanjeev Jhunjhunwala as the Interim Resolution Professional (IRP). 4. The Applicant submits that in terms of section 15 of the Code, public announcement was made on 25.07.2019, in Financial Express ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de. 9. The Applicant/Resolution Professional, Mr. Sanjeev Jhunjhunwala [Reg. No. IBBI/IPA-001/IP-P00325/2017-18/10595], has agreed to act as liquidator to carry on the process of liquidation and given his consent to act as Liquidator, in terms of section 34(1) of the Code - Annexure II of the I.A.. 10. We have considered the submission made by the Applicant/RP in person and perused the record. 11. Section 33(2) of the Code enjoins the Adjudicating Authority to pass an order for liquidation of the Corporate Debtor where the resolution professional, at any time during the CIRP but before confirmation of the resolution plan, intimates the Adjudicating Authority of the decision of the CoC approved by not less than sixty-six percent of the vo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and e as sought for in IA No. 1282/KB/2020 filed by Mr. Sanjeev Jhunjhunwala, RP of Sarnamoy Plastic Sack Manufacturing Private Limited, is not allowed at this stage. c. Mr. Sanjeev Jhunjhunwala [Reg. No. IBBI/IPA-001/IP-P00325/2017-18/10595], is hereby appointed as Liquidator as provided under section 34(1) of the Code, subject, however, to his possessing a valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2019. d. The Liquidator shall initiate liquidation process as envisaged under Chapter-III of the Code and the Insolvency & Bankruptcy Board ..... X X X X Extracts X X X X X X X X Extracts X X X X
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