9911796707
TMI Blog2018 (5) TMI 2185X X X X Extracts X X X X X X X X Extracts X X X X ..... s prescribed u/s 33 of The Code. It is intimated that after due deliberations the Committee of Creditors passed a Resolution for Liquidation of the Company with 100% Voting Share in favour of the said Resolution. As far as the Valuation of the property of the Corporate Debtor is concerned, there was no confusion for initiation of Liquidation Proceedings for IRP who is now to be termed as Liquidator . Therefore, to avoid such high percentage of sacrifice, it is necessary to take a decision in favour of the Financial Creditor to initiate Liquidation Proceedings against the Corporate Debtor who had mortgaged the property and the Loan in question was granted. The Debt in question is intricately linked with the property mortgaged hence cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im Resolution Professional caused advertisement in Newspapers for the Corporate Debtor. Advertisement was published on 21.09.2017 in terms of which the Applicant invited claims from Creditors of the Corporate Debtor. 3. An Order was passed u/s 7 dated 14.08.2017 of the Insolvency Code in respect of the Petition submitted by the Financial Creditor Abhudaya Co-operative Bank Limited against the Corporate Debtor Shivkripa Ispat Private Limited. On examination of the records it is noticed that the Loan Facility granted originally by Abhudaya Co-operative Bank Limited was for an amount of ₹ 24,50,95,702/- 4. Once the Insolvency Proceedings commenced against the Corporate Debtor an IRP was appointed and thereafter RP Mr. Rajendra K. Bhuta t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lable for the period starting from 01.04.2013. It was conveyed that as per Shri Jay Gupta, director of the Corporate Debtor, there are no workers or employees working with the Corporate Debtor. The Applicant was appointed as Resolution Professional. 6. The Second Meeting was convened and held on 09.02.2018 of the Committee of Creditors. The Resolution Professional apprised the Committee on financial statements for the financial years 2013-14, 2014-15,2016-17 and from 01.04.2017 till Insolvency Commencement date. The accounts audited by N.S. Gokhale Company were placed with the committee for review. The R.P. also placed on record Information Memorandum, Valuation Reports prepared by Rachana Vishwa and Rakesh Jadhav and Associates which were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Hon'ble Tribunal be pleased to pass an Order of Liquidation for the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code and to confirm the Committee's decision to appoint him as Liquidator of the Corporate Debtor. 9. As per the provisions of Section 33(2) of The Code to initiate Liquidation Process, the Resolution Professional at any time during the Corporate Insolvency Resolution Process but before confirmation of Resolution Plan, intimates the AA of the decision of the Committee of Creditors to Liquidate the Corporate Debtor the Adjudicating Authority shall pass a Liquidation Order as prescribed u/s 33 of The Code. It is intimated that after due deliberations the Committee of Creditors passed a Resolution for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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