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TMI Blog2022 (2) TMI 961X X X X Extracts X X X X X X X X Extracts X X X X ..... ember (T) For the Appellant : Noopur K. Dala, Adv For the Respondents : M. J. Khan ORDER Kaushalendra Kumar Singh, Member (T) 1. This is an application filed by the Resolution Professional (hereinafter referred to as RP ) under Section 33(2) and 34(1) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code ) for passing an order of liquidation of the Corporate Debtor, M/s. Nizamiya Construction Private Limited. 2. The facts as narrated in the application and explained by the counsel for the applicant RP are summarized hereunder: (i) The Operational Creditor, M/s. Patel Traders (Partnership Firm) had filed an application under Section 9 of the Code for initiation of Corporate Insolvency Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of that lone Financial Creditor with 100% voting share. (v) In the 4th CoC meeting held and convened on 7th August 2021, RP shared the Information Memorandum, Valuation Report along with Fair and Liquidation Value with the CoC and the CoC gave their opinion that as the Corporate Debtor does not have any assets as on a date, investment of time for invitation for expression of interest [i.e. Form G]shall not be fruitful to any of the parties. The RP had also requested the CoC in the same meeting, for getting the audit of transactions under sections 43, 45, 50, and 66 of the Code, and further requested for a forensic audit of the affairs of the Corporate Debtor. Since there were no realisable assets except a bank balance of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under: (2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors [approved by not less than 66% of the voting share] to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (Hi) of Clause (b) of sub-Section (1). [Explanation: for the purposes of this sub-section, it is hereby declared that the committee of creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub-section (1) of Section 21 and before the confirmation of the resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016. (e) The Liquidator to submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. 6. As a consequence of the application being admitted, the moratorium as envisaged under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence. 7. A copy of the order shall be communicated to the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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