9911796707
TMI Blog2022 (9) TMI 747X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. This is an application filed by the Resolution Professional with the approval of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, viz., Mohan Motor Dealers Private Limited [CIN: U50103WB2006PTC109383], on the ground that the Committee of Creditors ('CoC') has decided to liquidate the Corporate Debtor by 100 % votes. The Applicant has sought for the following reliefs: a. To pass order for Liquidation of the Corporate Debtor; b. To appoint any insolvency professional as the Liquidator of the Corporate Debtor; c. To pass such further order/orders as this Tribunal may deem fit and proper in the circumstances. 3. This Adjudicating Authority vide its order dated 3rd August 2021 on a Petition filed by Pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ors to be personally present before the bench on 22nd December 2021. 7. Thereafter, on 23rd December, 202l, subsequent to the strict directions given by the Hon'ble Bench on 22nd December, 2021, the suspended directors provided a copy of Tally Data pertaining to Financial Year 2018-2019, 2019-2020 &. 2020-202 1 (Till July 2021). 8. After perusal and on detailed analysis of the aforesaid Tally Data certain unwarranted and related party transactions were noticed and determined by the Applicant. 9. Thereafter, on 3rd January 2022, the fifth CoC meeting was convened by the Applicant. During this meeting, the CoC members were informed about the status of the CIRP. The Applicant also presented the abovementioned findings/observations befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exclusion orders, has expired on 30th May, 2022 and the COC has not extended the CIRP period by 90 more days and the COC has not taken resolution to that effect, thereby compelling the applicant to file the instant application. 15. It is further subrnitted that a show cause notice was issued by the Insolvency & Bankmptcy Board of India (IBBI) against the Applicant on 9th April, 2022 in relation to one of the previous assignments. On 30th May, 2022 e-hearing w.r.t. to the said rnatter took place with the representatives of IBBI and on 3'd Jnne, 2022 order was pronounced by IBBI. 16. At this juncture the Applicant herein, in line with the order of IBBI, will not be able to take any new assignment for a period of 12 rnonths and hence won ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reby appointed as Liquidator is hereby appointed as Liquidator as provided under section 34(5) of the Code. c. The Liquidator shall initiate liquidation process as envisaged under Chapter-III of the Code and the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. d. Public Notice shall be issued in the same newspapers in which advertisements were issued earlier, i.e., Financial Express (English)(Kolkata Edition) and Aajkal (Kolkata Edition) (Bengali) , stating that the Corporate Debtor is in liquidation. e. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liquidator. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
