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TMI Blog2020 (8) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... ash Khanolkar, Adv. ORDER 1. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by an order dated 17.09.2019, on a Section 9 Petition filed by the Financial Creditor, wherein Mr. AshishVyas, was appointed as an Interim Resolution Professional(IRP). 2. The first meeting of Committee of Creditors (CoC) was held on 22.10.2019, wherein the following three ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll the employees of the Company have left. b. During the visit to the erstwhile licensed (rented) premises of the Corporate Debtor, IRP could not find any assets. c. Mr. Aman Gupta and Mr. Shripal Gandhi (suspended directors) informed the IRP that due to non-payment of rent, entire assets of the Corporate Debtor has been removed by the landlord. d. IRP also informed that the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he submissions of the applicant and on reading the Application and the documents enclosed therein, for the IRP has complied with the procedure laid under the Code read with Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, on verification, we are of the view that this is a fit case to pass liquidation order under sub-section 2 of sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... extend all co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. e. that the Liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified by the IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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