TMI Blog2019 (9) TMI 1052X X X X Extracts X X X X X X X X Extracts X X X X ..... MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) For The Resolution Professional : Mr A.G. Sathyanarayana Counsel For The Resolution Professional : Ramasamy Shanmuggam ORDER CH. MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) 1. This relates to MA/559/2019-in CP/661/IB/2017 filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, (in short 'I B Code, 2016') by the Applicant/Resolution Professional. 2. The prayers made by the Resolution Professional are as follows:- i. To pass an order for Liquidation of the Corporate Debtor (M/s. RLS Alloys Private Limited). ii. To appoint the Resolution Professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for appointment of Valuers and to issue Expression of Interest (EoI) in Form-G. Accordingly, the Resolution Professional had made newspaper publication inviting 'EoI' from the proposed Resolution Applicants for submitting the Resolution Plan in respect of Corporate Debtor. 6. In response to the newspaper publication, the Resolution Professional has received two 'EoI' from MAK Auto Services and FERROSCO Industries Private Limited. The Resolution Professional has placed both the 'EoI' before the CoC in its 4th Meeting held on 28.05.2019. The CoC after the deliberations has rejected both the 'EoI' as not fulfilling the criterion. Therefore, the Sole Financial Creditor having 100% voting unanimous ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and circumstances recorded by the Resolution Professional in MA/559/2019 filed in CP/661/IB/2017 and in exercise of powers conferred under Sub-Clauses (i) (ii) and (iii) of Clause (a) of Sub-Section (1) of Section 33 of the I B Code, 2016, this Authority proceeds to pass the Liquidation Order as follows:- I. This Authority orders for liquidation of the Corporate Debtor viz., M/s. RLS Alloys Private Limited. II. This Authority appoints the Resolution Professional viz., Mr. Ramasamy Shanmuggam as Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; III. The moratorium declared under Section 14 of the I B Code, 2016, shall cea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation estate assets as specified under Regulation 4 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. X. Copy of this Order shall be sent to the concerned Registrar of Companies, RD, OL, and Registered Office of the Corporate Debtor by the Company Liquidator viz., Mr. Ramasamy Shanmuggam for information and compliance. 10. In terms of the above, MA/559/2019 filed in CP/661/IB/2017 by the Resolution Professional under Section 33 (2) of the I B Code, 2016, for initiation of the Liquidation Proceedings against the Corporate Debtor viz., M/s. RLS Alloys Private Limited, stands allowed. 11. The Registry is directed to send a copy of this Order to the Company Li ..... X X X X Extracts X X X X X X X X Extracts X X X X
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