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TMI Blog2021 (9) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Professional, has given consent to act as the Liquidator vide written communication dated 18.08.2021 and is, therefore, appointed as Liquidator under section 34 of the Insolvency and Bankruptcy code, 2016 read with Regulation 3 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 - the corporate debtor is ordered to be liquidated - application allowed. - I.A. No. 894/2021 - - - Dated:- 3-9-2021 - P.S.N. Prasad, Member (J) And Narender Kumar Bhola, Member (T) For the Appellant : Jaswant Singh, Advocate and Alok Tripathi, CS ORDER P.S.N. Prasad, Member (J) 1. This is an application filed by the Resolution Professional under Section 33(2) of Insolvency and Bankruptcy Code, 2016 (here ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apprised to the CoC members that no interest has been received from any prospective Resolution Applicant till the last date of submission. 5. The Resolution Professional further submitted that at the 6th COC meeting held on 16.02.2021, the COC considered the current status as explained by RP and also discussed about possible options but could not find any way out to absolve Corporate Debtor from Liquidation. 6. The Resolution Professional, in the 6th CoC meeting held on 16.02.2021, apprised the members that till date no Resolution Plan has been received in the instant matter. Thereafter, the CoC members passed the resolution with 100% voting to initiate the Liquidation of Corporate Debtor under section 33(2) of IBC, 2016. 7. The R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors [approved by not less than sixty-six per cent of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). 9. This Tribunal in the circumstances taking into consideration the provisions of law as well as on facts is hereby orders for liquidation of the corporate debtor and in the circumstances the corporate debtor is put under Liquidation and the incidence of liquidation to follow, on and from the date of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; f. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; g. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant regulations. h. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. 10. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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