9911796707
TMI Blog2021 (11) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Corporate Debtor has failed and as per the directions of this Tribunal, decided to liquidate the Corporate Debtor - application allowed. - IA No. 399 of 2021 in CP (IB) No. 603/9/HDB/2019 - - - Dated:- 7-10-2021 - M.B. Gosavi, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : G. Murali Krishna Raju, Advocate ORDER 1. This is an Application filed by Resolution Professional under Section 33(1) of the Insolvency Bankruptcy Code, 2016 (herein after referred as Code ) seeking orders for liquidation of the Corporate Debtor/M/s. Pro Young International Private Limited and also for the appointment of the Liquidator thereof. 2. This Bench vide its order dated 27.02.2020 admitted the petition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther the Resolution Professional, the Applicant herein has expressed his unwillingness to act as Liquidator and requested the Bench to appoint a Liquidator. 7. We heard the Learned Counsel for Resolution Professional who submitted that Committee of Creditors comprising of Operational Creditors and stakeholders are not co-operating with him. Further the Bench observed that CIRP is continuing beyond the period of 330 days which is impermissible under the law and this Adjudicating Authority is left with no option but to pass order of liquidation of the Corporate Debtor Company and directed the Resolution Professional to move an application for liquidation within two weeks without waiting for the permission from the CoC. Accordingly, the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and as per the directions of this Tribunal, decided to liquidate the Corporate Debtor. ORDER 11. The Application is accordingly partly allowed with the following directions:- (a) We hereby order that the Corporate Debtor i.e. M/s. Pro Young International Private Limited stands liquidated in the manner laid down in Chapter-III of the Code. (b) Mr. P.V. Narayana Rao (Regn No. IBBI/IPA-001/IP-P01706/2019-2020/12633, e-mail id. [email protected] is appointed as Liquidator. He shall file his consent in Form AA within two days of receipt of this order. (c) He shall issue public announcement stating that the Corporate Debtor is in liquidation in terms of Regulation 12 of IBBI (Liquidation Process) Regulations, 2016. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
