9911796707
TMI Blog2021 (8) TMI 1109X X X X Extracts X X X X X X X X Extracts X X X X ..... he Code. Application allowed. - IA(IBC)/169/2021 in CP (IB) No. 745/7/HDB/2018 - - - Dated:- 13-8-2021 - M.B. Gosavi, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : G. Kalyan Chakravarthy, Advocate and Party-in-Person ORDER 1. This is an Application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance of directions for liquidation of the Corporate Debtor, M/s. Kanakadhara Ventures Private Limited. 2. The facts in brief are that the IDBI Bank limited, the Financial Creditor had filed an application under Section 7 of the Code bearing CP (IE) No. 745/7/HDB/2018 for initiation of Corporate Insolvency Resolution Process against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2020 at the request of the PRA. 7. The Resolution Applicant, MHPL submitted the Resolution Plan on 17/09/2020 and the CoC members were of the view that the conditions of PRA on the release of personal guarantees and collaterals are unreasonable and hence decided to go for fresh issue of EOI. 8. The applicant published revised Form G on 23/11/2020 in newspapers (both English and vernacular languages) and M/s. Safebharat Enterprises Private Limited submitted EOI on 08/12/2020 and subsequently the said Applicant in consortium with Mr. M Vishwanath submitted Resolution Plan along with Bid Bond Guarantee. 9. In 10th, 11th and 12th CoC meetings the members and the PRAs discussed about the improvement of the Resolution Plan amount and als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions regarding liquidation, approval of liquidator, liquidator fees and the estimated liquidation costs. The Resolution Professional submitted the written consent to act as Liquidator of the Corporate Debtor and the copy of the written consent is annexed as ANNEXURE-A19. 15. The Joint lenders forum informed the applicant by way of mail on 10.06.2021 that they have decided to appoint Mr. Rajesh Chillale, as liquidator of the Corporate Debtor. Hence, the applicant filed a memo dated 15.06.2021 to withdraw his consent to act as a Liquidator of the Corporate Debtor. The consent of Mr. Rajesh Chillale for acting as the said liquidator is annexed with the memo dated 15.06.2021 as ANNEXURE - C. 16. We have heard the Applicant in the matter. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t stating that the Corporate Debtor is in liquidation. d) The Moratorium declared under Section 14 of the code shall cease to operate here from. e) Subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor. This shall however not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. f) All powers of the Board of Directors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. g) The Liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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