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TMI Blog2021 (9) TMI 632X 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. 504/KB/2021 in CP (IB) No. 932/KB/2018 - - - Dated:- 3-8-2021 - Rajasekhar V.K., Member (J) And Harish Chander Suri, Member (T) For the Appellant : Shaunak Mitra, Advocate For the Respondents : Jitendra Lohia 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., Madhusala Drinks Private Limited [CIN: U15520WB1991PTC052155], on the ground that the no resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the prospective Resolution Applicants. 7. The Resolution Professional time and again extended the last date for submission of Resolution Plan and EMD but the prospective Resolution Applicants kept seeking for more time. Hence, in the 9th CoC meeting held on 14.05.2021, the CoC decided that since no resolution plan was available with the CoC for discussion, it was resolved that the RP would file an application under section 33(1) before the Adjudicating Authority for liquidation of the Corporate Debtor. 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. Jitendra Lohia [Reg. No. IBBI/IPA-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... member, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2019. c. The Liquidator shall initiate liquidation process as envisaged under Chapter-III of the Code and the Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. d. Public Notice shall be issued in the same newspapers in which advertisements were issued earlier, i.e., Financial Express (English) and Ek Din (Bengali) of Kolkata Edition, stating that the Corporate Debtor is in liquidation. e. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liqui ..... X X X X Extracts X X X X X X X X Extracts X X X X
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