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TMI Blog2018 (1) TMI 1674X X X X Extracts X X X X X X X X Extracts X X X X ..... he Central Government in consultation with any financial sector regulator. The order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of business the Corporate Debtor carrying - it is directed that the fee shall be paid to the Liquidator as envisaged under Regulation 4 of IBBI (Liquidation Process) Regulations, which forms part of the liquidation cost. Application allowed. - MA 677 in C.P. 1076/I&BP/2017 - - - Dated:- 8-1-2018 - Hon'ble Mr. B.S.V. Prakash Kumar, Member (Judicial) And Hon'ble Mr. V. Nallasenapathy, Member (Technical) For the Applicant : Rajeev Mannadiar Resolution Professional Per V. Nallasenapathy, Member (Technical) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- and the claim of HDFC Bank was admitted for thus the total claim filed by the Financial Creditors works out to ₹ 13,79,56,911/-. The Applicant has also prepared the information Memorandum of the Corporate Debtor. 4. The second meeting of the CoC was held on 12.9.2017 wherein the representatives of both the Financial Creditors, the Ex-CMD and the Auditor of the Corporate Debtor participated, they discussed about the information Memorandum prepared by the RP, the list of claims received by the RP, the Valuation Report submitted by M/s. Delta valuers and Appraises LLP who had submitted a Liquidation value of ₹ 9,22,000/-, another Valuation Report submitted by M/s. VK Associates wherein the liquidating value was ₹ 9, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concern. Then the Ex-CMD proposed to pay the liquidation value of the company which was also rejected by the CoC. Finally, the COC unanimously resolved that the Corporate Debtor shall be liquidated and requested the RP to initiate necessary proceedings under the Code. Hence this Application. 7. On hearing the submissions of the Applicant and on reading the Application and the documents enclosed therein, for the RP has complied with the procedure laid under the Code r/w Regulations of CIRP, for the valuation report filed by the valuer has not been disputed by the CoC, on verification, we are of the view that this case is fit to pass liquidation order as mentioned under sub-section 2 of section 33 of the Code and accordingly, the Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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