Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2018 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (9) TMI 1043 - Tri - Insolvency and BankruptcyInitiating the insolvency resolution process against the Corporate Debtor - initiating the insolvency resolution process against the Corporate Debtor - Held that:- In view of the decision by the Committee of Creditors and no Resolution Plan having been put up for approval despite expiry of 270 days, we are satisfied that the provisions of Section 32(2) are complied with and we order that the Corporate Debtor be liquidated in the manner as laid down in Chapter III of the Code. Further directions are issued to the Liquidator to issue a public announcement, stating that the Corporate Debtor is in liquidation. We direct that copy of this order be sent to Registrar of companies, Punjab and Chandigarh, with which the Corporate Debtor is registered. Section 34 of the Code provides that where the Adjudicating Authority passed an order for liquidation of the Corporate Debtor under Section 33 the Resolution Professional appointed for the Corporate Insolvency Resolution Process, shall subject to submission of the written consent by the Resolution Professional to the Adjudicating Authority in specified form to act as a Liquidator for the purpose of liquidation. We therefore, while ordering liquidation of the Corporate Debtor, appoint Mr. Bhupesh Gupta, Resolution Professional, having Registration No. IBBI/IPA-002/IP-N00030/2016-17/10067, to act as Liquidator for the purpose of liquidation of the Corporate Debtor. His appointment shall take effect from the date of receipt of this order. All the directions/requirements and provisions of Chapter III of the Code and Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as Liquidation Process Regulations, 2016) shall be strictly complied with.
|