TMI Blog2018 (12) TMI 1711X X X X Extracts X X X X X X X X Extracts X X X X ..... moratorium declared. - MA NO. 618/2018, CP (IB) NO. 226/CB/2018 - - - Dated:- 5-12-2018 - Ch. Mohd Sharief Tariq, JUDICIAL MEMBER AND S. Vijayaraghavan, TECHNICAL MEMBER Counsel For IRP/RP : Mr. R. Senthil Kumar ORDER CH. Mohd Sharief Tariq, Judicial Member - The Miscellaneous Application No.618/2018 has been filed in CP/226/IB/CB/2018 on 08.11.2018 by the Resolution Professional viz., Mr. Ebenezar Inbaraj, under Section 33(1) (a) of the Insolvency and Bankruptcy Code, 2016, (in short 'I B Code, 2016'). The prayer made by the Resolution Professional inter alia is to seek an order for liquidation of the Corporate Debtor viz., M/s. Matrix Metal Traders Private Limited. 2. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recommendations for a new individual to be appointed as the Resolution Professional to take over the management of the Corporate Debtor, copy of 13.06.2018 is placed at page 22 and 23 of the typed set filed with the Application. 5. It is further averred that when the Resolution Professional issued notice to the CoCs for convening of 3rd CoCs to be held on 26.06.2018, the Tamil Nadu Mercantile Bank once again sent objections to vote against the agenda related to quorum and also stated therein that as per Section 77(3) of the Companies Act, 2013, a charge has to be registered with RoC, and Easy Access Financial Services Limited has not registered its charges with RoC, and therefore, the Tamil Nadu Mercantile Bank is the only Financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Professional filed an Application under Section 22 of I B Code, 2016 for replacing him with new Resolution Professional on 06.09.2018, which is pending adjudication. 8. The Resolution Professional has stated that in terms of Sub-section (6) of Section 30 of I B Code, 2016, no Resolution Plan had been received within the period of CIR Process, which ended on 02.10.2018 and due to efflux of time, the Corporate Debtor has to be ordered for liquidation in view of Section 33(1)(a). 9. In view of the facts and circumstances recorded by the Resolution Professional in MA/618/2018 filed in CP/226/IB/CB/2018, this Adjudicating Authority did not receive any Resolution Plan under Sub-section (6) of Section 30. Therefore, in exercis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor is continued during the liquidation process by the Liquidator. vii. All the powers of the Board of 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 with the Company Liquidator viz., Mr. Ebenezar Inbaraj. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I B Code, 2016, r/w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. viii. The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Company Liquidator as may be required by him in managing the affairs of the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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