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TMI Blog2021 (12) TMI 1151X X X X Extracts X X X X X X X X Extracts X X X X ..... in CP (IB) No. 189/ALD/2019 - - - Dated:- 6-12-2021 - Rajasekhar V.K., Member (J) And Virendra Kumar Gupta, Member (T) For the Appellant : Aditya Gauri, Amar Vivek and Shalya Agarwal, Advocates ORDER Virendra Kumar Gupta, Member (T) 1. This court convened via video conferencing. 2. This is an application filed by the Resolution Professional upon the instructions of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, viz., Leel Electricals Limited [CIN: L29120UP1987-PLC091016], on the ground that no resolution plan was approved by the Committee of Creditors ('CoC'). The Applicant has sought for the following reliefs: a. Pass an order under section 33(1) of the Insolvency Bankrup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ejected by CoC and it was decided to re-publish Form G, to which again four EOI's were received and further two PRA's has submitted the resolution plan which were put before COC for consideration. 7. The Applicant further submits that the CIRP had expired on 04.08.2020 subsequent to which the RP had moved an application for extension of 51 days and exclusion of 24 days for completion of CIRP which was allowed by this Adjudicating Authority vide order dated 27.08.2021 and then further extension of 30 days was granted by this Adjudicating Authority vide order dated 08.11.2021. 8. Further stated that in 22nd meeting of COC dated 22.10.2021 the resolution plan of M/s. IM+ Capitals Limited was put to e-voting which was rejected by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor is in liquidation. d. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liquidator. e. As a consequence of the application being allowed, the Moratorium as envisaged under section 14 of the Code, 2016 shall cease to have effect and a fresh Moratorium under Section 33(5) of the Code shall commence from the date of this order. f. The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. g. On initiation of the liquidation process but subject to sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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