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TMI Blog2018 (11) TMI 1872X X X X Extracts X X X X X X X X Extracts X X X X ..... s Authority proceeds to pass Liquidation Order - this Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Ashok Magnetic Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I B Code, 2016. Application allowed. - MA/163/2018 filed in CP/551/IB/2017 - - - Dated:- 9-11-2018 - CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) For Financial Creditor : Mr. M. L. Ganesh, Counsel For RP : Mr. J.Manivannan, Counsel ORDER Per: CH.MOHD SHARIEF TARIO, MEMBER (JUDICIAL) 1. The Miscellaneous Application No.163/2018 has been filed in CP/551/IB/CB/2017 on 05.06.2018 by the Resolution Professional viz., Mr. V. Nagarajan under Sections 33(1)(a) and 34 (1) of the Insolve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect of the Corporate Debtor fixing the last date for submitting the Fol on 05.04.2018. It is further averred that in response to the advertisement, three (3) Resolution Applicants expressed their interest, and out of which, two (2) Applicants were duly qualified to meet the conditions specified in the Eol, and at the instruction and decision of the CoCs, the potential Resolution Applicants were asked to submit their Resolution Plans for the Corporate Debtor. Accordingly, both the Resolution Applicants had duly submitted their detailed Resolution Plans to the Resolution . AA Professional. 5. The Resolution Professional has submitted that in the CoCs meeting held on 01.06.2018, after detailed discussions and deliberations with the both ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) of SubSection (1) of Section 33 of the I B Code, 2016, this Authority proceeds to pass Liquidation Order as follows:- i. This Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Ashok Magnetic Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I B Code, 2016; ii. This Authority hereby appoints Resolution Professional viz., Mr.V.Nagarajan as Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; iii. The moratorium declared under Section 14 of the I B Code, 2016, shall cease to have effect from the date of the order of liquidation; iv. Subject to Section 52 of the I B Code, 2016, no suit or other l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the liquidation estate assets as specified by the IBBI. Accordingly, the fees of the conduct of the liquidation proceedings shall be paid to the Company Liquidator from the proceeds of the liquidation estate. x. The Registry is directed to communicate this order with immediate effect to the concerned Registrar of Companies, RD, OL, Registered Office of the Corporate Debtor and Company Liquidator viz., Mr. V. Nagarajan, for information and compliance. 9. The Liquidator is also permitted to continue the operations of the Corporate Debtor and allowed to liquidate and dispose of the assets of the Corporate Debtor as a going concern basis. 10. In terms of the above, MA/163/2018 in CP/551/IB/CB/2017 filed by the Resolution Professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X
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