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TMI Blog2021 (10) TMI 337X X X X Extracts X X X X X X X X Extracts X X X X ..... llowed. The Corporate Debtor is ordered to be liquidated - application allowed. - I.A. 2037 of 2020 and C.P. No. 2019 of 2019 - - - Dated:- 10-8-2021 - Hari Venkata Subba Rao, Member (J) And Chandra Bhan Singh, Member (T) For Resolution Professional : Pulkit Sharma, Adv. ORDER Hari Venkata Subba Rao, Member (J) 1. It is an application filed by Resolution Professional, Mr. Ram Ratan Kanoongo seeking liquidation of Firestar International Limited (hereinafter referred as Corporate Debtor) under Section 33(1) read with Section 60 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called as the Code ), praying for following reliefs: a. That this Hon'ble Tribunal, in exercise of its powers under Section 33 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Insolvency Resolution Process (CIRP) was initiated against Firestar International Limited (hereinafter called as the Corporate Debtor ). The applicant herein was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor by the said Order. Upon his appointment, he published a public announcement in 'Form A' under inter alia calling upon the creditors of the Corporate Debtor to submit a proof of their claims on or before 31.03.2020 to the applicant, and the same was also updated on the specified website of IBBI. 3. Thereafter, a Committee of Creditors (CoC) was constituted by the applicant and two meetings of the CoC were held with the dates thereof being 26.06.2020 and 15.07.2020. The CoC in its first meet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t possible, which could enable the company to pay the entire debts. 5. Later, E-Voting was concluded on 30.07.2020 on resolutions put to vote after Second meeting of the CoC and a resolution for liquidation of the Corporate Debtor was passed by a voting share of 93.31%. Pursuant to this, the present application is being filed by the applicant seeking for liquidation of the Corporate Debtor. ORDER We have heard the Applicant and perused all the documents submitted by him. The applicant has also submitted a written consent of the proposed liquidator. The reasons assigned by the applicant in the application with respect to taking the decision of liquidation of the Corporate Debtor by the CoC appears to be genuine and convincing co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apter by issuing Public Notice stating that the Corporate Debtor is in liquidation with a direction to the Liquidator to send this order to the ROC under which this Company has been registered. f. All the powers of the Board of Directors, key managerial persons, the partners of the Corporate Debtor hereafter ceased to exist. All these powers henceforth vest with the Liquidator. g. That the personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. h. That on having liquidation process initiated, subject to Section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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