9911796707
TMI Blog2018 (5) TMI 2185X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Limited. Thereafter due to change in Insolvency Laws, the Company Petition was Transferred to National Company Law Tribunal, Mumbai. The Company Petition was Admitted by this Hon'ble Tribunal on 14.08.2017. By this Order the Applicant Rajendra K. Bhuta was appointed as Interim Resolution Professional. As per this Order the Interim 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 Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ill Insolvency Commencement date. There is no activity at its registered office and in fact another company with name Shree Jay Ambe Steel Yard Private Limited is operating from there. The Corporate Debtor has not filed its Annual Accounts and Annual Report with Registrar of Companies. No relevant record of the Corporate Debtor is available 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 statement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the members of the Committee of Creditors unanimously decided to initiate the Liquidation Process. It was resolved that after the publication of Expression of Interest, there was no Resolution Plan received from any prospective Resolution Applicant, hence decision was taken to get the assets liquidated. 8. The Resolution Applicant therefore prays that the 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 Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting to the Insolvency Resolution or Bankruptcy of such "Corporate Debtor" shall be filed before such NCLT. A clarification can also be inserted at this juncture that the Resolution Process is distinct from Liquidation Process. There may or may not be restrictions on the assets of a Corporate Debtor in the event Resolution process is commenced but right now the proceedings for Liquidation has been commenced. As a result, the assets of the corporate Debtor can be subjected to Liquidation by invoking the jurisdiction prescribed u/s 33(2) of the Code. 12. The Resolution Professional is hereby appointed as a "Liquidator', to proceed with the Liquidation Process as directed hereinabove. This Application IA No. 23 is disposed of accordingly. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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