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TMI Blog2022 (9) TMI 1065X X X X Extracts X X X X X X X X Extracts X X X X ..... with directions imposed. - I.A. 3019/2022 in Company Petition No. (IB) - 151/ND/2021 - - - Dated:- 13-9-2022 - P. S. N. Prasad , Member ( J ) And Rahul Bhatnagar , Member ( T ) For the Appellant : Party - in - Person ORDER Rahul Bhatnagar, Member (T) 1. This is an application filed by the Resolution Professional, Mr. Alok Kumar Kuchhal under Section 33(2) read with section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the IBC, 2016/Code ) for issuance of directions for liquidation of Corporate Debtor, M/s. VRJ Traders Pvt. Ltd. 2. The facts in brief stated in the application is as under:- I. That, an application under section 10 of IBC, 2016 was filed by the Corporate Debtor (Hereina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial records of the Corporate Debtor, the applicant found that the chances of revival of Corporate Debtor is negligible which fact was placed by the applicant before the members of Committee of Creditors in meeting held on 04.06.2022 for their consideration and forthwith decision thereof. CoC also opined that there seems no possibility for revival of Corporate Debtor and accordingly CoC members decided to liquidate the Corporate Debtor in terms of provisions of IBC and authorized the Applicant to move an appropriate application before the Bench for initiation of liquidation. The extract of the resolution of 2nd COC meeting passed is as follows: Resolved that in accordance with the provisions of Section 33(2) read with Relevant Reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e fees as defined under sub-regulation (1) of Regulation 4 of IBBI (Liquidation Proceeding) Regulations, 2015. VI. That, the present application is filed by the Resolution Professional, Mr. Alok Kumar Kuchhal at the instance of Committee of Creditors as per the provisions of Section 33(2) of the Insolvency and Bankruptcy Code, 2016 for initiation of liquidation of Corporate Debtor and for confirmation of appointment of Resolution Professional as Liquidator of the Corporate Debtor. VII. It is submitted that the present application is bonafide and filed in the interest of justice. It would be just and fair for this Tribunal to pass the necessary directions on the application sought herein, which will allow the Applicant/RP to disch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 32(1) of the Code; c. Registry is directed to communicate this Order to the Registrar of Companies, NCT of Delhi Haryana and to the Insolvency and Bankruptcy Board of India; d. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; e. This order shall be deemed to be notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; f. The Liquidator is directed to proceed with the process of liquidation in the manner laid down in Chapter III of Part II of the Insolvenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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