9911796707
TMI Blog2022 (4) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... ated:- 21-3-2022 - Sucharitha R., Member (J) And Sameer Kakar, Member (T) For the Appellant : Subharanjani Ananth, Advocate ORDER Sameer Kakar, Member (T) 1. This Application IA/1202/CHE/2021, is filed under Section 33(2) of IBC, 2016 by the Resolution Professional of the Corporate Debtor herein Viz., Empee Power Company (India) Limited seeking the following reliefs:- a) Pass an order of Liquidation of the Corporate Debtor-Empee Power Company (India) Limited under section 33(1)(a) of the Code; b) Permit/Appoint this Resolution Professional to Continue and act as the Liquidator to inter alia carry on the duties of Liquidation under Chapter-III of the Code; c) Pass orders directing the CoC to deposit the sum o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;Financial Express' in English, 'Hindu' in 'Tamil' and 'Andhra Jyothi' in 'Telugu' and the same in placed in the Application typeset as 'Annexure B'. 6. Further, the Ld. counsel for the Applicant submitted that, in view of the COVID-19 Lockdown imposed by the central government and the state governments and Regulation 40C of the IBBI (Corporate Insolvency Resolution Process) Regulations, 2016 and the Hon'ble NCLAT order dated 30.03.2020, 37 days was excluded from the CIRP and EOI was reissued on 26.07.2020. Irrespective of re-issuance of the EOI no resolution plan was received by the Applicant. The Ld. Counsel submitted that prospects of revival of the Corporate Debtor was bleak thus in ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors approved by not less than sixty-six percent 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). 11. It is also seen from the records that the Applicant herein has accorded the written consent, Form AA to act as the Liquidator of the Corporate Debtor and further the Applicant has also placed on record the Authorization for Assignment (AFA) issued by the Insolvency Professional Agency of Institute of Cost Accountants of India. 12. In the circumstances, M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut the order of liquidation. f) The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. g) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016. h) The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section-35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company Applications during the process of liquidation. i) The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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