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TMI Blog2020 (3) TMI 1433X X X X Extracts X X X X X X X X Extracts X X X X ..... r because it is the CoC that has taken a decision that the liquidation is the only course left to it to proceed, whereby, it is ordered for liquidation of the company with the directions imposed. Application allowed. - (IB)-144(PB)/2017 - - - Dated:- 4-3-2020 - B.S.V. Prakash Kumar, Actg. President And Hemant Kumar Sarangi, Member (T) For the Appellant : Abhishek Anand, Viren Sharma, P. Nagesh, Tania Sharma, S. Mishra and Tushar Tyagi, Advocates. ORDER B.S.V. Prakash Kumar, Actg. President Heard and dictated in open court. IA-1034(PB)/2020:- It is an application moved by RP under Section 33(2) of the Code for liquidation of the corporate debtor based on the resolution passed by the CoC with 84.22 % voting s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f any EMD amount, those monies, as per the request of this very objector, who adjusted against the differential amount payable by this applicant thereto, now this objector cannot attribute even action of appropriation of the EMD against the differential amount at the volition of the RP. 5. Now the arguments of this objector, is in case this objector is permitted to file his EOI an another round of invitation, he would be in a position to place the resolution plan with a value more than the liquidation value determined by the RP. 6. Though this company petition has been admitted on 07.08.2017, till date neither resolution plan has come for approval before this Bench, nor has this bench decided the liquidation application pending before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dation estate assets as specified under regulation 4 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of the Code. c) Since this liquidation order has been passed, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor without prior approval of this Adjudicating Authority save and except as mentioned in sub-section 6 of Section 33 of the Code. d) This liquidation order shall be deemed to be notice of discharge to the officers, employees and workmen of the Corporate Debtor except to extent of the business of the Corporate Debtor is continued during the liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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