9911796707
TMI Blog2020 (8) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... The Corporate Debtor is ordered to be liquidated - application allowed. - M.A. 3951/2019 in C.P. 2409/I&B/MB/2019 - - - Dated:- 11-8-2020 - Suchitra Kanuparthi, Member (J) and V. Nallasenapathy, Member (T) For Appellant: Avinash 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 resolutions were passed: a. To put the Corporate Debtor into liquidation, b. To appoint Mr. UdayShree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence, this application is filed for the liquidation of the Corporate Debtor under Section 33 of the Code. Hence, the approval of the CoC is sought, to liquidate the affairs of the Company under Section 33 of the Code, subject to the approval of this Tribunal. 7. Mr. UdayShreeramSakrikar, Resolution Profssional/ Applicant herein has given his consent to act as a liquidator of the Corporate Debtor. 8. On hearing the 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 thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quidator to institute suit or other legal proceeding on behalf of the corporate debtor with prior approval of this Adjudicating Authority. g. that this liquidation order shall be a deemed to be notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator. 9. Accordingly, this Misc. Application is hereby allowed directing 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. - - TaxTMI - TMITax - Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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