Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (2) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 439 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABADLiquidation order - initiation of liquidation before this Adjudicating Authority due to non-receipt of any resolution plan from any prospective applicant - Section 33 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- This Adjudicating Authority is of the considered view to pass an order for liquidation in respect of the Corporate Debtor viz. Asis Logistics Limited and direct the Liquidator to issue a public announcement stating that the Corporate Debtor is in liquidation. However, this Adjudicating Authority would like the Liquidator to make sincere efforts to sell the liquidating unit as a going concern since this would entail realisation of higher value by the creditors and would also save the employment of many workers and employees whose daily bread is dependent on the Corporate Debtor. This Adjudicating Authority hereby appoints the "Resolution Professional as Liquidator" under Section 34(1) of the IBC. The Liquidator shall send intimation to the Registrar of Companies with which the Corporate Debtor is registered - The Liquidator shall act as per Section 35 of the Insolvency and Bankruptcy Code, 2016 subject to directions of this Adjudicating Authority. Application disposed off.
|