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TMI Blog2021 (11) TMI 22X X X X Extracts X X X X X X X X Extracts X X X X ..... ct that Corporate Guarantor cannot be sold as a going concern as the Corporate Guarantor of the Corporate Debtor do not possess any viable financial and tangible assets. Resolutions regarding liquidation costs as well as contribution by Financial Creditor to meet the shortfall have also been passed. The order of liquidation is to be passed - application allowed. - IA 562 of 2021 in CP (I.B) No. 131/7/NCLT/AHM/2019 and IA 555 of 2021 in CP (LB) No. 132/7/NCLT/AHM/2019 - - - Dated:- 8-10-2021 - M.B. Gosavi, Member (J) And Virendra Kumar Gupta, Member (T) For the Appellant : Kuldeep Adesara , Advocate ORDER Virendra Kumar Gupta , Member ( T ) 1. By these Applications, i.e. IA 562 of 2021 in CP (IB) No. 131/7/NCLT/AHM/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before this Adjudicating Authority for initiation of Liquidation process of the Corporate Guarantor of the Corporate Debtor. In the second CoC meeting held on 12.05.2021, wherein CoC with 91.98% voting share resolved to appoint the Applicant/RP as Liquidator of the Corporate Guarantor, viz., M/s. Utility Agrotech Industries Private Limited of the Corporate Debtor. The RP has also given his consent to act as Liquidator of the Corporate Guarantor, his written consent is also annexed as Annexure-F to the application. 3. Heard the Ld. Counsel appearing for the Applicant and also we perused the material placed on record. After considering the submissions made by him and material available on record, we hold that an order of liquidation can be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er cease to exist. All these powers henceforth, vest with the Liquidator. 3. The personnel of the Corporate Guarantor of the Corporate Debtor, are directed to extend all co-operations to the Liquidator as required by him in managing the liquidation process of the Corporate Guarantor. 4. The Liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified by IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of the Code. 5. That once having liquidation process initiated, subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Gua ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by following the liquidation process as specified in the Insolvency and Bankruptcy Board of India (liquidation process) Regulations, 2016. 12. The Registry is directed to upload this order on the Official Website within maximum two working days from the date of this order. The authenticated copy of this order also be sent by the Registry to the Financial Creditors, Corporate Guarantor, Registrar of the Companies, Resolution Professional cum Liquidator by Speed-post within one week from this order. IA 555 of 2021 Since the facts of IA 562 of 2021 and proceedings taken in regard to this IA are identical. Hence, on the same analogy, the order of initiation of Liquidation process is passed in respect of this Corporate Guarantor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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