9911796707
TMI Blog2021 (7) TMI 147X X X X Extracts X X X X X X X X Extracts X X X X ..... The Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Code read with sub-section (1) thereof - Application allowed. - IA (IB) No. 1282/KB/2020 in CP (IB) No. 207/KB/2019 - - - Dated:- 28-6-2021 - Harish Chander Suri, Member (T) And Rajasekhar V.K., Member (J) For the Applicant: Shaunak Mitra, Advocate and Rahul Parasranpuria, Pr. C.S. For the Respondents : Sanjeev Jhunjhunwala, Resolution Professional ORDER Harish Chander Suri, Member (T) 1. This court convened via video conferencing. 2. This is an application filed by the Resolution Professional upon the instructions of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, viz., Sarnamoy Plastic Sack Manufac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... last Private Limited. 7. The Resolution Plan was not discussed with the CoC due to the Covid-19 pandemic and was ultimately opened on 30.09.2020 and was formally placed before the CoC on 05.10.2020 for consideration. Thereafter, in the 15th meeting held 16.10.2020, the Resolution Plan was taken into consideration and was rejected on 05.11.2020 as communicated to the Applicant. The CoC rejected the Resolution Plan as the amount offered in the Resolution Plan was below the liquidation value of the Company. 8. That the CoC has passed resolution by 100% voting shares that the Corporate Debtor be liquidated under the provisions of section 33(2) of the Code. 9. The Applicant/Resolution Professional, Mr. Sanjeev Jhunjhunwala [Reg. No. IBB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppoint Resolution Professional Mr. Sanjeev Jhunjhunwala as the Liquidator. e. Liquidation application of LTS Plastics India Pvt. Ltd. CP no. 1360/KB/2018 be heard together and accordingly liquidation order for both be passed together so that both process might move together for value maximization. 13. This Bench, therefore, hereby orders as follows: - a. Prayers a, b and d as sought for in IA No. 1282/KB/2020 filed by Mr. Sanjeev Jhunjhunwala, RP of Sarnamoy Plastic Sack Manufacturing Private Limited, the Corporate Debtor, is allowed and the Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Code read with sub-section (1) thereof; b. Prayers c and e as sought for in IA No. 1282/KB/2020 filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code read with its proviso. i. In accordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator. j. In terms of section 33(1)(b)(iii), the Liquidator shall file a copy of this Order with the Registrar of Companies, West Bengal, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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