9911796707
TMI Blog2022 (3) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... ition, directing the liquidation of the Corporate Debtor. The Liquidator appointed would sincerely endeavour to sell the Corporate Debtor as a going concern without delay however, by observing the relevant provisions contained in IBC as well as in IBBI (Liquidation Process) Regulations and thus ensure that one of the objects of the IBC viz. maximization of the assets of the Corporate Debtor is not diluted. The Corporate Debtor i.e. M/s. MBS Impex Private Limited shall be liquidated in the manner laid down in Chapter-III of the Code - Application allowed. - IA No. 1233 of 2020 in CP (IB) No. 407/07/HDB/2019 - - - Dated:- 1-3-2022 - Dr. Venkata Ramakrishna Badrinath Nandula, Member (J) and Veera Brahma Rao Arekapudi, Member (T) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this I.A. was listed for passing orders on 09.02.2021, Shri Dil Jeeth Ahluwalia, Learned Senior Counsel representing Corporate Debtor appeared and submitted that the Corporate Debtor is keen to settle the matter with the Financial Creditor and sought two weeks' time. This Tribunal, at the request of the Teamed Senior Counsel granted two weeks' time and directed to report compliance. Despite directions, none turned up for the Corporate Debtor. The matter was listed and heard by the present Bench on 25.02.2022 and again reserved for passing orders today. 4. Even according to the Applicant, no resolution plan has received the approval by the COC within the timeline prescribed under the Code. Further, it is evident from the CoC minut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r to sell the Corporate Debtor as a going concern without delay however, by observing the relevant provisions contained in IBC as well as in IBBI (Liquidation Process) Regulations and thus ensure that one of the objects of the IBC viz. maximization of the assets of the Corporate Debtor is not diluted. ORDER 8. The Application is accordingly allowed with the following directions:-- (a) The Corporate Debtor i.e. M/s. MBS Impex Private Limited shall be liquidated in the manner laid down in Chapter-III of the Code. (b) The Applicant Mr. Santosh Bhatia, presently RP of M/s. MBS Impex Private Limited is appointed as Liquidator. (c) He shall issue public announcement stating that the Corporate Debtor is in liquidation. (d) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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