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TMI Blog2022 (9) TMI 1341X X X X Extracts X X X X X X X X Extracts X X X X ..... mously resolved to liquidate the Corporate Debtor. It is noted that a period of 863 days have passed since commencement of CIRP till the date of this Application. As such this Adjudicating Authority is left with no other choice but to liquidate the Corporate Debtor The liquidation of Corporate Debtor is ordered - application allowed. - IA/IBC/485/CHE/2022 in CP (IB)/988 (CHE)/2018 - - - Dated:- 19-9-2022 - R. Sudhakar , J. ( President ) And Sameer Kakar , Member ( T ) For the Appellant : M. S. Viswanathan , Advocate ORDER Sameer Kakar , Member ( T ) 1. This is an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 read with Rule of the NCLT Rules, 2016 seeking relief as follows: (i) To ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s pending lis. It is observed that Hon'ble NCLAT has not stayed the CIRP in the said matter. 6. It was further submitted that in the 4th and 5th meeting of the CoC appointment of valuer to value the assets of Corporate Debtor and publishing of invitation for expression of interest was approved by the CoC. In addition to that CoC has permitted the applicant to file the extension and exclusion application. Accordingly, the RP has filed IA/537/2021, before this Adjudicating Authority and prayed an extension and exclusion in the CIRP period and the same was allowed by this Tribunal. 7. In the 6th meeting of the CoC held on 01.07.2021, the CoC discussed about the Expression of Interest received from the 5 Prospective Resolution Applica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the committee of creditors approved by not less than sixty-six percent of the voting share to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in subclauses (i), (ii) and (iii) of clause (b) of sub-section (1). 12. It is also seen from the records that the Applicant herein has accorded the written consent, Form AA to act as the Liquidator of the Corporate Debtor and further from the IBBI website it can be seen that the Applicant has valid AFA. 13. In the circumstances, as the CIRP of the Corporate Debtor has come to an end on 24.08.2021 and the COC vide meeting dated 02.03.2022 has unanimously resolved to liquidate the Corporate Debtor. It is noted that a period of 863 days hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation. f) The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. g) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016. h) The Liquidator is directed to investigate the financial affairs of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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