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2018 (5) TMI 1032 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - Held that:- Hereby ordered the Corporate Debtor to be liquidated in the manner as laid down in chapter 3 of IBC Code, 2016; Subject to Section 52 of the I&B Code, no suit (or) other legal proceedings shall be instituted by or against the Corporate Debtor “provided that suit or other legal proceedings may be instituted by the liquidator on behalf of the Corporate Debtor with a prior approval of the Adjudicating Authority” (ii) Hereby appointed Dr. K.V. Srinivas as Liquidator : (iii) The Liquidator is also directed to submit preliminary report within 75 days from liquidation commencement date as per Rule 13 of IBBI, 2016 (iv) All the Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator. And the personnel of the Corporate Debtor are directed to extend all assistance and cooperation to the liquidator as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 shall apply. (v) The Liquidator appointed will be strictly governed by the Insolvency and Bankruptcy Board of India (Liquidation process) Regulations, 2016 as amended from time to time and strict adherence to laws and policies defined.
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