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TMI Blog2019 (5) TMI 1929X X X X Extracts X X X X X X X X Extracts X X X X ..... rs of COC representing 100% of voting rights. The conditions provided for in Section 33(2) of the Code being satisfied, order of liquidation is being passed as below. Section 34(1) of the Code inter alia provides that where the Adjudicating Authority passes an order for liquidation of the corporate debtor under Section 33, the RP appointed for the CIRP shall, subject to submission of written consent by the RP to the Adjudicating Authority in specified Form, act as the Liquidator for the purposes of liquidation. In the present case, Shri Anup Kumar Singh, RP has given his consent for acting as Liquidator for the purposes of liquidation of the corporate debtor. Therefore, in view of Section 34 (1) of the Code, the RP is being appointed as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Form G was published in the Delhi and Chandigarh Edition of Business Standard (English); Business Standard (Hindi) and Haribhoomi (Regional Language) at Rohtak all dated 19.12.2018 and the last date of receipt of Expression of Interest (EOI) was 03.01.2019. It is further extended to 13.01.2019 vide approval of COC dated 31.12.2018 and then extended to 29.01.2019 vide 5th COC meeting dated 24.01.2019. It is submitted that before the last date i.e. 29.01.2019, EOI was received only from two prospective applicants namely KM International along with co- applicant BB International and Decent Spinners Pvt. Ltd. along with co- applicant Parv International and the two prospective resolution applicants were given information memorandum and other d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved 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 (iii) of clause (b) of sub-section (1) of Section 33 of the Code. In the present case, it has been submitted that the last date for submission of resolution plan was extended to 15.04.2019 and no resolution plan was received by that date. The meeting of the COC on 25.04.2019 is stated to be held before the completion of the extended CIRP. The resolution for liquidation of the corporate debtor has been passed with the consent of members of COC representing 100% of voting rights. The conditions provided for in Section 33(2) of the Code being satisfied, order of li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al sector regulator; (iii) That this order of liquidation under Section 33 of the Code shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the liquidator; (iv) That all the powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator; and (v) That the personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 of the Code s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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