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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 ..... tiate 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 the Insolvency and Bankruptcy Code, 2016; b. Such other or further orders, as this Hon'ble Tribunal may deem fit in the facts and circumstances of the case." 2. The Adjudicating Authority vide its order dated 19.07.2018 on a Petition filed by the Operational Creditor under Section 9 of the Code directed initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointed Mr. Shrikant M. Zawar as the Interim Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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-001/IP-P00025/2016-2017/10058 is hereby appointed as Liquidator as provided under Section 34(1) of the Code. b. That the Liquidator for conduct of the liquidation proceedings would be entitled to the fees as provided in Regulation 4(2)(b) of the IBBI (Liquidation Process Regulations), 2016. c. The Liquidator appointed in this case to initiate liquidation process as envisaged under Chapter-III of the Code by following the liquidation process given in the Insolvency & Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iness 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 was filed in this matter by the Resolution Professional Mr. Shrikant Zawar for the fraudulent transactions against the ex-promoters and directors. As we have allowed this liquidation application, we are not passing any orders in M.A. No. 3020 of 2019 with a direction to the RP to hand over the relevant documents to the liquidator Ms. Vandana Garg who is appointed by this order. The liquidator shall pursue this application bearing No. 3020 of 2019 and therefore, is at this juncture kept ..... X X X X Extracts X X X X X X X X Extracts X X X X
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