9911796707
TMI Blog2021 (8) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... cation from the Promoters of the Corporate Debtor, this Tribunal orders for the liquidation of the Corporate Debtor. It is also seen from the records that the Applicant herein has accorded his written consent in Form AA to act as the Liquidator of the Corporate Debtor. The Applicant has also filed Authorization for Assignment (AFA) in Form - B issued by the Indian Institute of Insolvency Professionals of ICAI. The liquidation of Corporate Debtor is approved - application allowed. - IA/1246/IB/2020 in CP/1487/IB/2018 - - - Dated:- 3-8-2021 - R. Sucharitha , Member ( J ) And Anil Kumar B. , Member ( T ) For the Appellant : Deepak Narayanan , Advocate ORDER Anil Kumar B. , Member ( T ) 1. This is an application filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Indian Bank holding 66.71% voting share and Dr. Palaniappan holding 33.29% of voting share. 4. The Learned Counsel for the Applicant submitted that the Resolution Professional has conducted a total of six CoC meetings so far and that he has received no cooperation from the erstwhile promoters of the Corporate Debtor and as a result of which, the Resolution Professional had filed an Application under Section 19(2) of IBC, 2016 in MA/1012/2019 and this Tribunal vide its order dated 16.10.2019 directed the erstwhile promoters of the Corporate Debtor to furnish the necessary information to the Resolution Professional. 5. It was submitted that in the meanwhile the CoC in its 6th meeting held on 30.09.2020 had unanimously resolved to liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority as per Sec 34 of the Insolvency Bankruptcy Code 2016. Resolved further that Mr. Vasudevan Navneeth, on his appointment as Liquidator be paid a professional fee of ₹ 50,000 per month plus reimbursement of actual expended as per Regulation 39D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 till he vacates his office as Liquidator. This excludes costs on deployment of personnel at site, stay, travel and boarding expenses. 7. Since the CoC in its 6th and 7th meeting after discussing and deliberating about the current affairs of the Corporate Debtor by taking into consideration that there were no Eols received from any prospective Resolution Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge. c) The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to preferential transactions/undervalued transactions and such other like transactions including fraudulent preferences and file suitable application before this Adjudicating Authority. d) The Registry is directed to communicate this order to the Registrar of Companies, Chennai and to the Insolvency and Bankruptcy Board of India; e) In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relation to other fiscal and regulatory authoriti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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