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TMI Blog2022 (2) TMI 1128X X X X Extracts X X X X X X X X Extracts X X X X ..... ad with Section 276 of the Companies Act, 2013 (for short the '2013 Act') and Rule 11 of National Company Law Tribunal Rules, 2016, seeking his replacement. 2. According to the applicant, this Tribunal passed an order dated 25.01.2019, initiating the liquidation process of the corporate debtor. It is submitted that during the liquidation process, the applicant submitted various progress reports on quarterly basis, mentioning the details of events occurred in respective quarters. He has also filed IA No. 159 of 2021 during the liquidation process of the corporate debtor, whereby he submitted his opinion that in order to achieve the object of the Code for maximization of value of assets of the corporate debtor, it would be better if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of 2013 Act enable this Tribunal to remove and replace the liquidator. Section 276 of the 2013 Act, is being reproduced hereunder for ready reference. "Section 276: Removal and replacement of liquidator. 276. (1) The Tribunal may, on a reasonable cause being shown and for reasons to be recorded in writing, remove the provisional liquidator or the Company Liquidator, as the case may be, as liquidator of the company on any of the following grounds, namely:-- (a) misconduct; (b) fraud or misfeasance; (c) professional incompetence or failure to exercise due care and diligence in performance of the powers and functions; (d) inability to act as provisional liquidator or as the case may be, Company Liquidator; (e) conflict ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 276(1)(d) of the 2013 Act, we allow the instant application and appoint Mr. Amit Kumar Goyal, IBBI/IPA-003/IP-N00317/2020-2021-13342, Mobile No. 9815451777, e-mail [email protected], to act as liquidator, whose name appears in panel of Insolvency Professionals (IPs) for the period January-June 2022 prepared by Insolvency and Bankruptcy Board of India applicable for this Bench. The Law Research Associate of this Tribunal has checked the credentials of Mr. Amit Kumar Goyal, and nothing adverse has been found on record. 10. Although, the applicant has not prayed for his fee in the application, yet Section 34(8) and (9) of the Code, provide for payment of fee to the liquidator. Regulation 4 of the Insolvency and Bankruptcy Board of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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