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TMI Blog2021 (11) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... al Private Limited and also for the appointment of the Liquidator thereof. 2. This Bench vide its order dated 27.02.2020 admitted the petition for initiation of Corporate Insolvency Resolution Process filed by Pragati Bio Care Private Limited/Operational Creditor under Section 9 of IBC, 2016 and appointed Shri B. Vijaya Kumar as Interim Resolution Professional. Subsequently, Shri Niranjan Miriyala, the Applicant herein is appointed as Resolution Professional in the 9th COC and took charge on 08.09.2020. The Applicant submits that the IRP despite conducting 09 CoC meetings failed to get co-operation of members of CoC comprising of Operational Creditors. No member of CoC voted for any of the resolutions concerning the cost of CIRP, budgetary ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal to move an application for liquidation within two weeks without waiting for the permission from the CoC. Accordingly, the Resolution Professional filed the instant application seeking order of liquidation as no resolution plan is received. He further expressed his inability to act as a Liquidator. Hence, this Tribunal appoints Mr. P.V. Narayana Rao, Insolvency Professional to act as Liquidator from the panel of list received from IBBI. 8. The Hon'ble Apex Court in K. Sashidhar vs. Indian Overseas Bank and Ors. (2019) 148 LA 497 (SC) inter-alia held that, "The Adjudicating Authority (NCLT) is not expected to do anything more; but is obligated to initiate liquidation process under Section 33(1) of I & B Code. The legislature has no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor is in liquidation in terms of Regulation 12 of IBBI (Liquidation Process) Regulations, 2016. (d) The Moratorium declared under Section 14 of the code shall cease to have its effect. (e) Subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor. This shall however not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (f) All powers of the Board of Directors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. (g) The Liquidator shall exercise the powers and perform duties as en ..... X X X X Extracts X X X X X X X X Extracts X X X X
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