2022 (10) TMI 429

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... i) Pass order under Section 33(2) of Insolvency and Bankruptcy Code, 2016 to Liquidate the Corporate Debtor, (ii) Pass appropriate orders for appointing Mr. K. Sivalingam as the Liquidator of the Corporate Debtor, and (iii) As such other further orders as this Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the case. 2. The Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor was initiated by this Tribunal on 18.10.2019 in IBA 756 of 2019 and one Mr. R. Venkatakrishnan was appointed as the Interim Resolution Professional. Thereafter, in the 1st CoC meeting held on 15.11.2019, the Applicant herein was appointed as the Resolution Professional (RP) in respect of the Corporate Deb .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e CoC has unanimously voted for liquidation of the Corporate Debtor. 6. It is also seen that a Resolution was passed by the CoC to appoint Mr. K. Sivalingam Insolvency Professional, with IBBI Reg. No. IBBI/IPA-001/IP-P01597/2018-2019/12340 as the Liquidator of the Corporate Debtor under Section 34 of IBC 2016 and the remuneration for the Liquidator is arrived at Rs. 1,25,000/- (One Lakh Twenty-Five Thousand) per month + GST. Further, the consent letter given by the said Mr. K. Sivalingam is also filed along with the typeset and also upon verification from the IBBI website, it is seen that said Mr. K. Sivalingam holds a valid AFA for the period till 12.12.2022. 7. We have also perused the Form - H filed by the Applicant. It is seen that th .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ebtor particularly, in relation to preferential transactions/undervalued transactions and such other like transactions including fraudulent preferences and file suitable application before this Adjudicating Authority. d) The Registry is directed to communicate this order to the Registrar of Companies, Chennai and to the Insolvency and Bankruptcy Board of India; e) In terms of section 178 of the Income 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 C .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X