9911796707
TMI Blog2022 (7) TMI 832X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Lakshmikant Yeshwant Desai, as the Liquidator for the Corporate Debtor. This is a fit case for liquidation - Application allowed. - I.A. No. 2462 of 2020 In CP (IB) No. 3513 of 2018 - - - Dated:- 15-7-2022 - Hon ble Member ( Judicial ) : Justice P. N. Deshmukh ( Retd. ) And Hon ble Member ( Technical ) : Shri Shyam Babu Gautam For the Applicant : Mr. Pranav Avhad , Advocate ORDER Per : - Shyam Babu Gautam , Member Technical 1. This is an Application under Section 33 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called the Code ) by Mr. Laxmikant Yeshwant Desai, Resolution Professional (RP) of Global Towers Limited seeking orders for Liquidation of the Corporate Debtor. 2. On perusal of this Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r called Regulations ), the RP appointed 4 independent valuers namely 2 valuers for conducting valuation of assets of the Corporate Debtor and 2 valuers for conducting valuation of land and building. The RP also appointed Legal and professional consultants and Chartered Accountants for performing the functions of Tax Consultants and Transaction Auditor. Additionally, it was resolved that the fees payable to these professionals was to form part of the CIRP Costs as per Regulation 31 of the Regulations and the same was ratified by the Resolution passed by the CoC. All other miscellaneous expenses amounting to Rs. 53,43,503/- were approved and ratified by the CoC. 5. After an interregnum caused due to Covid- 19 pandemic, the Fourth Meeting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional for the Corporate Debtor be and is hereby appointed as the Liquidator for Global Towers Limited (ie Corporate Debtor), subject to such appointment being confirmed by the concerned adjudicating authority, and on such basis that fees (plus out of pocket expenses, if any) payable to the Liquidator would be a percentage of fee on the amounts realized/ distributed (exclusive of liquidation costs) as governed by Regulation 4(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. 7. Looking at the averments and submissions of the Applicant, we are of the considered opinion that this is a fit case for liquidation and, therefore, we hereby order the Liquidation of the Company with directions as follo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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