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TMI Blog2020 (12) TMI 1274X X X X Extracts X X X X X X X X Extracts X X X X ..... Hari Venkata Subba Rao and Shyam Babu Gautam, JJ. For Appellant: Sonal Mishra and Shrikant M. Zawar, Advs. ORDER Shyam Babu Gautam, J. 1. It is an application filed by the Resolution professional Mr. Shrikant M. Zawar seeking liquidation of the Pingle Builders Pvt. Ltd. (hereinafter called as Corporate Debtor ) on the ground that no resolution plan has been approved and the Committee of Creditors (CoC) has unanimously decided to initiate liquidation proceedings of the Corporate Debtor. Hence this application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter called as the Code ), praying following reliefs: a. To approve the liquidation of the Corporate Debtor in terms of Section 33(2) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onal creditor to the extent of 10% upfront payment of the outstanding which the Corporate Debtor failed to make till 14.07.2019 i.e. the date of expiry of 270 days of the CIRP. Therefore, the counsel mentioned that the RP was left with no option but to file this Liquidation application. 5. Today the CIRP is at this stage that not only 270 days of CIRP have expired but also a huge period beyond 330 days has lapsed. Therefore, the following order is passed: ORDER We have heard all the parties concerned and perused all the documents submitted by them. We hereby allow this Miscellaneous Application bearing Number M.A. 1506 of 2019 with the following observations and directions: a. Ms. Vandana Garg, having Registration No. IBBI/IPA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... process initiated, subject to Section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the corporate debtor with prior approval of this Adjudicating Authority. i. This liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator. This application i.e. M.A. No. 1506 of 2019 is hereby allowed and disposed of. We would like to mention here that there is another M.A. bearing No. 3020 of 2019 which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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