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TMI Blog2021 (11) TMI 250X X X X Extracts X X X X X X X X Extracts X X X X ..... de for liquidation in the absence of any resolution plan. Application allowed. - M. A. No. 351 of 2020 in C. P. No. 506/IB/2018 - - - Dated:- 4-10-2021 - Hari Venkata Subba Rao, Member (J) And Chandra Bhan Singh, Member (T) For the Appellant : Karl Shroff, Advocate ORDER Hari Venkata Subba Rao, Member (J) 1. It is an application filed by the Applicant/Resolution Professional, seeking liquidation of the Corporate Debtor namely (M/s. Peerless Fabrikkerne (India) Ltd.) on the ground that no resolution plan has been received by him, hence this application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, praying following reliefs: a. To allow present application under Section 33 of the Code for liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the 1st Committee of Creditors (CoC) meeting held on 22.04.2019, Mr. Adesh Kumar Gupta, was resolved to be appointed as Resolution Professional (RP). 3. It is further submitted that an advertisement, inviting Expression of Interest (EoI) in Form A was published on 02.04.2019 in Free Press Journal in English and Navshakti Marathi Edition in Marathi, the late date for submission of claims was 12.04.2019. 4. It is further submitted by the Counsel for the Applicant that an advertisement, inviting Expression of Interest (EoI) in Form G was published on 03.08.2019 and 25.09.2019 being the last date for submission of Resolution plan. It is submitted that the CIRP period was further extended by 90 days vide an order dated 09.09.2019. Ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evival of the Corporate debtor Company. The following Resolution was passed; Resolved that as there is no business activity of the Corporate Debtor at present and despite publication of expression of interest, only one Resolution Plan was received which has not been approved by the CoC and also the liabilities of the Corporate Debtor far exceed the assets available, it is not feasible to resolve the Corporate Debtor; Resolved further that CoC hereby decides to approach the Hon'ble National Company Law Tribunal with the recommendation for Liquidation of the Corporate Debtor; Resolved further that Mr. Adesh Kumar Gupta, Resolution Professional be and is hereby authorised to file application with the Hon'ble NCLT for Liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded under Section 34(1) of the Code. c. That the Liquidator for conduct of the liquidation proceedings would be entitled to the fees as provided in Regulation 4(2)(b) of the IBBI (Liquidation Process Regulations), 2016. d. The Liquidator appointed in this case to initiate liquidation process as envisaged under Chapter-III of the Code by following the liquidation process given in the Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. e. The Liquidator appointed under section 34(1) of the Code. Will have all powers of the board of directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the liquidator. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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