9911796707
TMI Blog2022 (7) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... - application allowed. - IA No. 878 of 2020 in CP (IB) 17 of 2019 - - - Dated:- 28-6-2022 - M.B. Gosavi, Member (J) And Kaushalendra Kumar Singh, Member (T) For Appearing Parties: Arjun Sheth and Nalini Lodha, Advocates ORDER 1. The instant application is filed by Mr. Chandra Prakash Jain, the Resolution Profession (RP) of M/s. Greendiamz Biotech Ltd. under Section 33(1), 33(2) and 34(1) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) for liquidation of the Corporate Debtor. 2. This Adjudicating Authority, vide order dated 27.05.2020, had admitted the application filed by Financial Creditor, viz., M/s. Union Bank of India, under Section 7 of the IBC, 2016 for initiation of Corporate Insolvency Resolution Process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. It is submitted that both the Resolution plans were placed before the CoC. However, after due consideration the CoC did not approve any of those two plans and passed a resolution for liquidation of the Corporate Debtor. 7. Heard, the Learned Counsel for the Applicant and perused the material on records. In the present case two Resolution Plans were received, but the same were not approved by the CoC. The applicant in support of the present application has annexed relevant documents which include copy of the Minutes of the various Meetings of the CoC conducted by the RP. In the 11th meeting of the CoC, Union Bank of India, being the sole member of the CoC, passed resolution for Liquidation of the Corporate Debtor. 8. It is also note ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lation, 2016. (vi) The personnel of the Corporate Debtor are directed to extend all co-operations to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. (vii) The Liquidator will charge fees for conduct of the liquidation proceedings as specified by IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of the Code. (viii) That once liquidation process is initiated, subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor, while the liquidator shall have liberty to institute suit or other legal proceeding on behalf of the Corporate Debtor with the prior approval ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
