9911796707
TMI Blog2021 (11) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... 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., Resolution Professional (IBBI/IPA-002/IP-P00644/2018-19/12024) as Liquidator for administering the Liquidation Process of the Corporate Debtor; 2. Brief facts as stated by the counsel for the Applicant are as follows:- a. That the Company Petition for initiation of Corporate Insolvency Resolution Process (CIRP) which was filed by the Financial Creditor namely M/s. Bhagyanagar Investments and Trading Pvt. Ltd., under section 7 of the IBC, 2016 against the Corporate Debtor has been admitted by this bench on 25.03.2021, whereby moratorium has been declared and the Applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... :- "The Applicant had placed the proposal for appointing himself as the Resolution Professional. However, the COC decided to proceed with the liquidation process immediately since the Corporate Debtor was not operating for more than 3 years and because the Corporate Debtor had no fixed assets. Accordingly, the COC passed a resolution to proceed with the liquidation process since the COC decided that there is no scope for resolution plan. The COC unanimously decided to liquidate the Corporate Debtor and appoint the Applicant as the liquidator". g. That the COC has directed the Applicant/Interim Resolution Professional to approach this Adjudicating Authority: a) For liquidation of the Corporate Debtor immediately b) To appoint the IRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as laid down in Chapter III of part II of the I&B Code, 2016; (ii) This Adjudicating Authority hereby appoint Mr. C.S. Bhaskar B., as Liquidator as resolved by CoC. He has already filed his consent to act as Liquidator in the present case along with valid Authorisation for Assignment (AoA). He shall issue a public announcement stating therein that the Corporate Debtor is in Liquidation; (iii) The moratorium declared under Section 14 of the I&B Code, 2016, shall cease to have effect from the date of the order of Liquidation; (iv) Subject to Section 52 of the I&B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or its business within 90 days from liquidation commencement date, Liquidator shall proceed to sell the assets of the Corporate Debtor under clauses (a) to (d) of Regulation 32 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (x) The entire liquidation cost will be funded by the sole CoC member as resolved in the 2nd CoC meeting dated 08.10.2021. (xi) The Liquidator shall be entitled to charge such fee for conducting the Liquidation proceedings in accordance with the decision taken by the CoC under Regulation 39D of IBBI (Insolvency Resolution Process Corporate Persons) Rules, 2016 read with Regulation 4(1) of IBBI (Liquidation Process) Regulations, 2016. (xii) Copy of this Order shall be sent to th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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