9911796707
TMI Blog2022 (3) TMI 596X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 13.11.2019 admitted the petition bearing C.P. (IB) No. 407/07/HDB/2019 under Section 7 of the Code, ordering initiation of Corporate Insolvency Resolution Process (CIRP) of the Company and appointed Mr. Sridhar Venkatraya Sundararaja as Interim Resolution Professional who was later replaced by the Applicant herein as Resolution Professional. It is stated that there was no co-operation from the side of Directors (Suspended Board) of the Corporate Debtor. Owing to covid induced lockdown considerable time was lost in CIRP. This Tribunal vide order passed in I.A. No. 1041 of 2020 on 26.11.2020 had granted 20 days' time to convene CoC meeting to deliberate on either to seek extension of CIRP period or to liquidate the Company. The CoC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BC is paramount, lest asset value gets deteriorated. Therefore, taking into consideration the provisions of law as well as the documents on record, this Adjudicating Authority is of the view that since the efforts to obtain resolution of the Corporate Debtor have failed and the only option left, under the circumstances being early liquidation process, we allow this petition, directing the liquidation of the Corporate Debtor. 6. Before we part with, we would like to refer to the ruling of Hon'ble Supreme Court in Innoventive Industries Limited Vs. ICICI Bank & Anr. in Civil Appeal No. 8337-8338 of 2017, wherein it has been held as follows:-- "From the viewpoint of creditors, good realization can generally be obtained if the firm is so ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with any financial sector regulator. (f) All powers of the Board of Directors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. (g) The Liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code, read with Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (h) Personnel connected with the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as would be required for managing its affairs. (i) The Liquidator shall be entitled to such fees as may be specified by the Board in terms of Section 34(8) of the Code. (j) This order shall be deemed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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