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TMI Blog2022 (4) TMI 431X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed, directing the liquidation of the Corporate Debtor. The Corporate Debtor, M/s. Sri Parameswara Poultry Farm Private Limited, is put under liquidation process in the manner laid down in Chapter-III of the Code with effect from the date of order - Application allowed. - IA No. 1093 of 2020 in CP(IB) No. 105/9/HDB/2019 - - - Dated:- 24-3-2022 - Dr. Venkata Ramakrishna Badrinath Nandula, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : V.V.S.N. Raju, Advocate ORDER DECISION 1. The Resolution Professional (for short RP) appointed by this Tribunal, for the Corporate Debtor/M/s. SRI PARAMESWARA POULTRY FARM PRIVATE LIMITED, has filed this application under Section 33(1)(a) of Insolvency B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions to Suspended Board for cooperation in CIRP and this Tribunal directed the suspended board to co-operate with the CIRP. Similar order was passed in IA 447 of 2020 on 22.07.2020. Due to non-cooperation from the Directors and employees in providing information of Corporate Debtor in CIRP process, the valuation of assets of Corporate Debtor completed during October and November 2020 with the limited information provided. The Applicant further was unable to determine the PUFE transactions due to non-cooperation of CD directors in providing information. 7. The Applicant also referred to Section 12A application dated 15.06.2020 submitted by the Operational Creditor, who is the petitioner in the company petition, which was placed before t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. IBBI/IPA-003/IP-N00066/2017-18/10552, to act as Liquidator. 12. We are fully conscious of the fact that the primary object of IBC is resolution and liquidation is the last resort. At the same time keeping the timelines prescribed under the IBC 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, the only option left under the circumstances being early liquidation process, we allow this petition, directing the liquidation of the Corporate Debtor. 13. Before we part with, we would like to refer to the ruling of Hon' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ile RP is directed to handover the records to the Liquidator appointed by this Tribunal forthwith. (e) He shall issue public announcement stating that the Corporate Debtor is in liquidation in terms of Regulation 12 of IBBI (Liquidation Process) Regulations, 2016. (f) The Moratorium declared under Section 14 of the code shall cease to have its effect. (g) Subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Person. This shall however not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (h) All powers of the Board of Directors, Key Managerial Personne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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