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TMI Blog2019 (9) TMI 1669X X X X Extracts X X X X X X X X Extracts X X X X ..... n, Counsel ORDER CH. MOHD SHARIEF TARIQ, MEMBER (JUDICIAL) 1. This relates to MA/855/2019 filed in CP/ 1210/IB/2018 that has been filed by Mr. Ashok Seshadri (hereinafter referred to as Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. 2. The prayer made by the Applicant in the Application is to pass an order of liquidation under Sub-section (2) of Section 33 of the Insolvency and Bankruptcy Code, 2016, in respect of the Corporate Debtor viz., M/s. Adept Technology Private Limited 3. Originally CP/ 1210/IB/2018 filed under Section 9 of the I B Code, 2016 by the Operational Creditor viz., M/s. APM Group Limited, against the Corporate Debtor viz., M/s. Adept Technology Private Lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uspended board, it has dues of another Rs.93 Lakhs to other Financial Creditors for which there has been no claims so far. 7. In the 2 nd CoC Meeting held on 19.07.2019, the CoC Considering the fact that there could be hardly of any response even if invitation for Expression of Interest from prospective Resolution Applicants and has recorded that the continued CIR Process would only further add strain to the financial status of the Corporate Debtor, and hence, decided to liquidate the Corporate Debtor. The Resolution passed by the CoC is as follows: Resolved , considering the lack of assets in the company or business prospects for the company, to apply to NCLT for liquidation without undergoing the process of Resolution. Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. V. This Authority makes it clear that Para (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 workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. VII. All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall ce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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