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TMI Blog2022 (7) TMI 354X X X X Extracts X X X X X X X X Extracts X X X X ..... SINGH THAKUR , MEMBER ( JUDICIAL ) And HON BLE MR. SUBRATA KUMAR DASH, MEMBER ( TECHNICAL ) For the Applicant : Mr. Vipul Joshi, Advocate ORDER Per : Harnam Singh Thakur , Member ( Judicial ) IA No. 364/2021 The present application has been filed by Interim Resolution Professional to liquidate Corporate Debtor under Section 33(1) of the Insolvency Bankruptcy Code, 2016. In this case, the petition for initiation of CIRP process by the Corporate Debtor under Section 10 of the IBC, 2016 was admitted by this Tribunal by order dated 24.01.2020 and Mr. Atul Mittal was appointed as Interim Resolution Professional in respect of the CIRP pertaining to the company. 2. It has been submitted by the Applicant ( IRP ) that he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of India to submit its claim against the company by 07.02.2020. A true copy of the said email dated 28.01.2020 is annexed with the main application and marked as Annexure-5. 5. It is submitted by the applicant that the applicant did not receive even a single claim from any entity or individual till the last date of submission of claims i.e. 07.02.2020. Hence, the applicant could not file any list of any creditors of the company before this Tribunal in terms of Regulation 13(2)(d) of the IBBI Regulations, 2016. It is further submitted by the applicant that as no claim has been received the present applicant could not form any Committee of Creditors (CoC) in terms of Regulations 17 (1) of the IBBI Regulations, 2016. Accordingly, the appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the main application and marked as Annexure-8. 9. Now, coming to the merits of the application, before considering the prayer, we would like to refer the Section 33(1) of the IBC and the same is reproduced below:- Section 33: Initiation of liquidation. 33. (1) Where the Adjudicating Authority, - (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor is directed to make further efforts with the Department of Telecommunications in this regard to make them aware of the procedures involved through registered post as well during liquidation process. 13. Accordingly, by exercising our power under Section 33(1) pass the following order:- i. The Corporate debtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016; ii. Since the IRP has given his consent to act as Liquidator, therefore, Mr. Atul Mittal bearing Registration No.IBBI/IPA-001/IP-P00439/2017- 18/10762, resident of 174, Balco Apartments, Plot No.58,IP Extn., Patparganj, New delhi-110092, Mobile No. 9871830777, e-mail: [email protected]. The Law Research Associate of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ii. The Liquidator shall take necessary legal action to recover the trade receivables and other credits such as loans and advances from the parties which are reflected in the latest Balance Sheet of the Corporate Debtor, if any. This direction is hereby given in concurrence of the jurisdiction prescribed under Section 33(5) of the Code. ix. On initiation of the liquidation process but 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, as provided in Section 33(5) of the Code read with its p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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