9911796707
TMI Blog2022 (6) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... ch is served upon the Liquidator but not yet listed before this Bench is concerned on verification of the records of this Registry, it is seen that the appeals stated to have been filed by the workmen have been returned to them being defective and that they have not re-presented them till date. Hence, there are no appeals pending consideration by this Tribunal. As regards the 2nd prayer to direct/permit commencement of distribution of assets/proceeds of sale as per Section 53 read with Regulation 42 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 is concerned, it is seen that the Hon'ble High Court while dismissing the OP(C) 484/2020 precluded the Applicant from the disbursement of any amount to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia (Liquidation Process) Regulations, 2016. 2. The brief facts of the case are that the Application filed against Corporate Debtor, Excel Glasses Limited has been admitted on 26.03.2019 initiating CIRP against the Corporate Debtor. During the CIRP, since no Resolution Plan had been received, the fourth CoC Meeting was held on 21.08.2019 and resolved to liquidate the Corporate Debtor. This Tribunal on an application filed by the Resolution Professional ordered the liquidation of the Corporate Debtor vide order dated 21.10.2019 and appointed the Applicant as the Liquidator. The Liquidator made a public announcement in two newspapers one in English and one in Malayalam. Pursuant thereto, the Applicant received several claims from the emplo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this Tribunal invoking Section 42 of IBC, 2016. All the Section 42 appeals were dismissed by this Tribunal. In addition to the above, the Applicant stated that he has received some appeals from certain workmen but the same are not taken up for hearing. 4. The Applicant stated while the Original Petition OP(C) 484/2020 has been dismissed by the Hon'ble High Court the Applicant herein was restrained from disbursing the proceeds of liquidation to the creditors until the appeals under Section 42 of the IBC, 2016 are heard and disposed of and that since all the appeals have been dismissed by this Tribunal except those are pending for listing, the Applicant wants to disburse the proceeds of the liquidation to the stakeholders of the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court while dismissing the OP(C) 484/2020 precluded the Applicant from the disbursement of any amount to any of the creditors of the Corporate Debtor till the time the pending appeals filed under Section 42 by the workmen/employees before this Tribunal were disposed of. Since all the appeals filed by the workmen/employees were dismissed by this Tribunal for the reasons stated therein, there is no bar in granting the prayer of the Applicant for commencement of distribution of assets/proceeds of sale as per Section 53 of IBC, 2016 read with Regulation 42 of IBBI (Liquidation Process) Regulations, 2016. Hence, we permit the Applicant/Liquidator to proceed with the distribution of assets/proceeds of sale to the stakeholders on receipt of this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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