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TMI Blog2018 (8) TMI 2051X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Code, 2016. This Adjudicating Authority did not receive any Resolution Plan under Sub-section (6) of Section 30 - this Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. GB Engineering Enterprises Private Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I B code, 2016 - application allowed. - MA/285/2018 in CP/64/IB/CB/2018 - - - Dated:- 6-8-2018 - CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) ORDER PER: CH.MOHD SHARIEF TARIO. MEMBER (JUDICIAL) 1. The Miscellaneous Application No .285/2018 in CP/64/IB/CB/2018 has been filed by the Resolution Professional viz., Ms. CS Satyadevi Alamuri, under Section 33(1)(a) of the Insolvency and Bankruptcy Cod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no Applicant has submitted Resolution Plan. Therefore, no tangible interest was elicited out of the Expression of Intent process. 5. It is averred by the Resolution Professional that the Corporate Debtor has miniscule operations with large fixed overheads expenses that are unable to be serviced by revenue generated out of current operations and the current operations are at less than 1% of production capacity. It is further averred by the Resolution Professional that almost the entire existing orders have been executed and 90% of the revenues generated out of collections from April to June have been paid as wages and salaries, GST, Electricity charges and essential payments leaving no amounts for servicing bankers' debt and other pen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder as follows:- i. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. GB Engineering Enterprises Private Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I B code, 2016; ii. This Authority hereby appoints Ms. CS Satyadevi Alamuri, as Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; iii. The moratorium declared under Section 14 of the I B Code, 2016, shall cease to have effect from the date of the order of liquidation; iv. Subject to Section 52 of the Code, 2016, no suit or other legal proceedings shall be instituted by/ or against the Corporate Debtor. However, a suit and other legal p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the liquidation proceedings shall be paid to the Company Liquidator from the proceeds of the liquidation estate. x. The Registry is directed to communicate this order with immediate effect to the concerned Registrar of Companies, RD, OL, Registered Office of the Corporate Debtor and Company Liquidator viz., Ms. CS Satyadevi Alamuri, for information and compliance. 8. In terms of the above, MA/285/2018 in CP/64/IB/CB/2018 filed by the Resolution Professional under Section 33(1)(a) of the I B Code, 2016, for initiation of the Liquidation Proceedings against the Corporate Debtor viz., M/S. GB Engineering Enterprises Private Limited stands disposed of. 9. The Order is dictated and pronounced in the open Court. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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