9911796707
TMI Blog2021 (10) TMI 539X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess) Regulations, 2017. The Liquidation order is allowed - application allowed. - I.A. No. 2925/2021 and IB-486/(ND)/2020 - - - Dated:- 1-10-2021 - P.S.N. Prasad, Member (J) And Hemant Kumar Sarangi, Member (T) For the Appellant : Shashank Agarwal and Nainshree Goyal, Advocates For the Respondents : Vishal Kapoor, Advocate 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 (hereinafter referred as the Code ) for order of liquidation of the Corporate Debtor, 'Metro Management Services Private Limited'. 2. The facts in brief are that an application for Corporate Insolvency Resolution Process was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... However, none of the creditors have submitted their claims with the applicant. 6. The Applicant submitted that the 2nd COC meeting was held on 03.06.2021, wherein the sole COC member decided not to take up the agenda items, pertaining to preparations of information Memorandum and Invitation of Expression of Interest, instead at the 2nd COC meeting the sole COC member decided not to continue the CIRP as the Corporate Debtor has not been carrying out any activity for the last many years thus, there were no future business prospects for the Corporate Debtor. 7. The Resolution Professional further submitted that, at the 2nd COC meeting held on 03.06.2021, the sole COC member decided and passed a resolution under section 33(2) for initiat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d (iii) of clause (b) of sub-section (1). 9. This Tribunal after taking into consideration the present facts, circumstances and the provisions of law, hereby order for liquidation of the corporate debtor and in the circumstances the corporate debtor stands Liquidated, and the incidence of liquidation is to follow, on and from the date of this order, in terms of the provisions of IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 along with the following directions: a. Mr. Ashok Arora, Resolution Professional holding registration no. IBBI/IPA-003/ICAI-N-00279/2020-21/13170, is appointed as Liquidator and has given his consent to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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