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TMI Blog2022 (4) TMI 779X X X X Extracts X X X X X X X X Extracts X X X X ..... - IA/471(MB) 2021 and C.P. (IB) 3252(MB)2019 - - - Dated:- 25-3-2022 - Suchitra Kanuparthi, Member (J) and Anuradha Sanjay Bhatia, Member (T) ORDER 1. This is an application filed by the RP seeking the Liquidation of the Corporate Debtor Company. The admission of the CIRP was passed on 3rd January, 2020. 2. The Applicant prepared information memorandum and publish Form G inviting the Expression of Interest from PRAs. The applicant has not received any EOIs from any Prospective Resolution Applicants. 3. As no PRA filed the EOI with the Applicant, the sole Financial Creditor, being the member of CoC, on 15.02.2021 has resolved to Liquidate the Company and appoint the Mr. Bhavesh Mansukhbhai Rathod, having registration IBBI/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 days. b. The CoC and RP are having office at contentment zone. c. The Liquidator in Form A has given his consent to take up the present assignment. d. Regulation 40C of CIRP regulation allows exclusion of period of lockdown. e. Regulation 47A of Liquidation regulation allows exclusion of period of lockdown. f. Maharashtra Government has still not completely opened lockdown and continues partial lockdown uptill March 1, 2021. g. The Hon'ble NCLAT vide its order dated November 2, 2020 in the matter of Hemant Sharma Resolution Professional of Global Softech Ltd. has allowed exclusion of 175 days for the purpose of counting the timeline of 180 days. 6. This Bench is satisfied with the reasons explained by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor. e. that the Liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified by the IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of the Code. f. that on having liquidation process initiated, subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the corporate debtor with prior approval of this Adjudicating Authority. g. This liquidation order shall be a deemed to be notice of discharge to the offi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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