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TMI Blog2021 (11) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... nner as laid down in Chapter III of part II of the I B Code, 2016 - Application allowed. - IA No. 238 of 2021 in CP (IB) No. 234/07/HDB/2020 - - - Dated:- 26-10-2021 - Dr. Venkata Ramakrishna Badrinath Nandula, Member (J) And Dr. Binod Kumar Sinha, Member (T) For the Appellant : Mayur Mundra, Advocate ORDER 1. The present Application bearing IA No. 238/2021 in CP(IB) No. 234/7/HDB/2020 U/s. 33(1)(A), 33(2) 34 of the I B Code, 2016 read with Rule 11 of NCLT Rules, 2016 is filed by Interim Resolution Professional, inter-alia, to:- a. Pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in Sec. 33(1)(a) of Chapter III of IBC, 2016; b. Pass an order by appointing Shri Bhaskar B., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, 2021, during which 100% of the quorum was present. The Applicant informed the COC about the claims received, verified and admitted by the Applicant based on the books of accounts of the Corporate Debtor. The Applicant also informed to the COC that, there are no fixed assets in the company as per the books of accounts. Further the company is not doing its business from last more than 3 years, thus chances of its revival were remote. f. That the COC in its 1st meeting having considered these aspects besides the information provided by the Applicant, inter-alia, passed the following resolutions:- The Applicant had placed the proposal for appointing himself as the Resolution Professional. However, the COC decided to proceed with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IA No. 238 of 2021 filed in CP(IB) No. 234/7/HDB/2020, since this Adjudicating Authority did not receive any Resolution Plan under Sub-Section (6) of Section 30 of the I B Code, 2016, this Adjudicating Authority deems it proper to allow the Application bearing MA No. 238/2021. Accordingly, in exercise of powers conferred under Sub-Clauses (i), (ii) and (iii) of Clause (b) of Sub-Section (1) of Section 33 of the I B Code, 2016, we proceed to pass Order as follows:-- (i) This Adjudicating Authority hereby order for Liquidation of M/s. Velugu Engineering and Enterprises Private Limited which shall be conducted in the manner as laid down in Chapter III of part II of the I B Code, 2016; (ii) This Adjudicating Authority hereby appoint Mr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es as enumerated in Sections 35 to 50, 52 to 54 of the I B Code, 2016, r/w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (viii) The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Company Liquidator as may be required by him in managing the affairs of the Corporate Debtor. (ix) The Liquidator shall keep in view the provisions of Regulation 32A of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and shall endeavour to first sell the Corporate Debtor or its business as going concern. However, if he is unable to sell the Corporate Debtor or its business within 90 days from liquidation commencement date, Liquidator shall proceed t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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