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TMI Blog2018 (12) TMI 1902X X X X Extracts X X X X X X X X Extracts X X X X ..... ch circumstance, pumping of investment towards hiring an Aircraft was commercially unviable. Therefore, the CoCs unanimously has passed a Resolution inter-alia for Liquidation of the Corporate Debtor. The CoC has agreed to the request of one of the suspended Directors of the Corporate Debtor and conveyed its decision to liquidate the Corporate Debtor by duly including and treating the land owned by the personal guarantors and mortgaged to the Financial Creditor as an asset vested with the Corporate Debtor. This authority orders for liquidation of the Corporate Debtor viz., M/s. Air Carnival Private Limited. - Application allowed. - MA/646/2018 in CP/565/IB/2017 - - - Dated:- 20-12-2018 - CH. MOHD SHARIEF TARIQ, J. For Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor, which is amounting to ₹ 12,79,57,110 and interest and cost due from 03.11.2017 and consequently, operation of the Corporate Debtor as a going concern was found not possible and liquidation may be the only viable alternative. 4, Itis stated that in the 274 Meeting of the CoC held on 07.02.2018, one of the suspended Directors of the Corporate Debtor requested the CoC to grant two months time from then on for revival of the Corporate Debtor subject to any good investor being available. 5. In the last CoC Meeting held on 02.05.2018, the said suspended Director informed the CoC that despite Financial Statement of the Company, belongs to the Company although it stands in his name and has expressed his willingness to include ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating the land owned by the personal guarantors and mortgaged to the Financial Creditor as an asset vested with the Corporate Debtor. ORDER 8. In view of the facts and circumstances recorded by the Resolution Professional in MA/636/2018 filed in CP/565/IB/CB/2017, and the resolutions passed by the CoC as referred hereinabove, this Authority in exercise of powers conferred under Sub-Clauses (i) (ii) and (iii) of Clause (b) of Sub-Section (1) of Section 33 of the I B Code, 2016, proceeds to pass Order as follows:- I. this authority orders for liquidation of the Corporate Debtor viz., M/s. Air Carnival Private Limited. I. Corporate Debtor viz., M/s. Air Carnival Private Limited. This Authority appoints the Resolution Professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidator shall be entitled to charge such fee for the conduct of the liquidation - proceedings as has been approved by the CoCs. X. Copy of this Order shall be sent et o the concerned Registrar of Companies, RD, OL, and Registered Office of the Corporate Debtor by the Company Liquidator viz., Mr. G.V. Ravikumar, for information and compliance. 9. Since the scheduled land and building are being owned by the suspended Director/Guarantor which is an asset vested with the Corporate Debtor. This has been admitted/consented by the Director/Guarantor to include the said property as part of the Estate Assets of the Corporate Debtor. Therefore, the said property shall form part of the Estate Assets of the Corporate Debtor for the purpose of liq ..... X X X X Extracts X X X X X X X X Extracts X X X X
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