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TMI Blog2022 (4) TMI 1037X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor herein, which shall be conducted in the manner as laid down in Chapter III of part II of the I B Code, 2016 - Application allowed. - IA No. 710 of 2021, IA No. 57 of 2022 and IA No. 58 of 2022 in CP (IB) No. 313/7/HDB/2020 - - - Dated:- 25-3-2022 - Dr. Venkata Ramakrishna Badrinath Nandula, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : Shreya Mundra and K.V. Raman Manav, Advocates ORDER Common Order in IA/710/21/, IA/57/22 and IA/58/22 1. IA No. 710 of 2021 in CP (IB) No. 313/7/HDB/2020 is filed by the Resolution Professional under sections 33(1)(A), 33(2) and 34(1) of the I B Code, 2016, inter-alia, praying to pass an order of liquidation against the Corporate Debtor he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 19.02.2021, 07.04.2021, 04.05.2021 and 12.08.2021 for various purposes, the Minutes of which are at pages 34 to 51. Fifth CoC Meeting was convened on 20.10.2021, with an agenda: (a) To liquidate the Corporate Debtor, appoint Liquidator, Estimate of liquidation cost and funding (Reg. 39B, 39C and 39D of IBBI Liquidation Regulations) and to proceed with filing of Liquidation Petition before the Hon'ble NCLT as per the provisions of Insolvency and Bankruptcy Code, 2016. Fifth CoC vide its Resolution-1 (page 53) has, inter alia, resolved that: The Corporate Debtor has not received any Resolution Plans and the CIRP period of 180 days is nearing completion (after considering the COVID exclusion) and hence the Committee of Cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atorium declared under Section 14 of the I B Code, 2016, shall cease to have effect from the date of the order of liquidation; (iv) Subject to Section 52 of the I B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. (v) It is made clear that clause (iv) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. (vi) This Order shall be deemed to be a notice of discharge to the officers, employees and wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gs in such a proportion to the value of the Liquidation estate assets as specified by the Board under Regulation 4(3) of IBBI (Liquidation Process) Regulations, 2016. Accordingly, the fees for conducting the Liquidation proceedings shall be paid to the Company Liquidator from the proceeds of the Liquidation estate. 9. Copy of this Order shall be sent to the Registrar of Companies, Telangana, Regional Director, Official Liquidator, Registered Office of the Corporate Debtor and the Company Liquidator viz., Shri K.J. Vinod for information and compliance. 10. The Registry is directed to furnish a copy of this order to IBBI for confirmation of appointment of Liquidator. 11. IA No. 710 of 2021 in CP(IB) No. 313/7/HDB/2020 is disposed of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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