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TMI Blog2021 (9) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... r-III of the Code. On reading the Application and the documents enclosed therein, it is found the RP has complied with the procedure laid down under the Code; Regulations made thereunder - this is a fit case to pass liquidation order under sub-clauses (i), (ii) and (iii) of Clause (b) of Sub-Section (1) of Section 33 of the Code for liquidation in the absence of any resolution plan. The Corporate Debtor i.e. M/s. Ind-Barath Power Gencom Limited shall be liquidated in the manner laid down in Chapter-III of the Code - Application allowed. - IA No. 1189 of 2020 in CP (IB) No. 187/7/HDB/2019 - - - Dated:- 13-8-2021 - M.B. Gosavi, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : V.V.S.N. Raju, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal granted liberty to the Learned Counsel to file his written objections. The objections are filed by Ex-Management of Corporate Debtor by way of written submissions. He submits that the Corporate Debtor was supplying electricity to Tamil Nadu Generation and Distribution Corporation Limited (in short TANGEDCO ). As on 30.06.2017, TANGEDCO owes the Corporate Debtor INR 157,85,71,585. The deposit of approximately ₹ 36 crores in fixed deposit under garnishee orders by TANGEDCO did not improve the financial position of the Corporate Debtor. 6. The Learned Counsel appearing of Ex-Management further submits that the first leg of initiation of CIRP of Corporate Debtor was ordered by the Tribunal on 07.09.2018. Aggrieved by the orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editors . 9. From the above, it would appear that despite all possible steps as required under the Code taken during the CIRP, the CoC did not accept any of the resolution plans/proposal for revival of the Company. The CoC in its wisdom has resolved with 81% voting share in favour of the liquidation of the Company. This Authority has no reason before it to take a contrary view in terms of Section 33(1)(a) of the Code. Therefore, we have no option than to pass an order for liquidation of the Company in the manner laid down in Chapter-III of the Code. 10. Upon hearing the submissions of the Applicant and on reading the Application and the documents enclosed therein, it is found the RP has complied with the procedure laid down under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Process) Regulations, 2016. (h) Personnel connected with the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as would be required for managing its affairs. (i) The Liquidator shall be entitled to such fees as may be specified by the Board in terms of Section 34(8) of the Code. (j) This order shall be deemed to be a notice of discharge to the Officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. (k) Copy of the order shall be furnished to IBBI, to the Regional Director, Ministry of Corporate Affairs, Registrar of Companies Official Liquidator, Hyderabad, the Registered Office of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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