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TMI Blog2019 (11) TMI 841X X X X Extracts X X X X X X X X Extracts X X X X ..... Judicial) And Shri Shyam Babu Gautam, Member (Technical) For The Applicant : Ms. Rohini Menon a/w. Mr. Kunal Mehta, Advocates ORDER Per Shri Bhaskara Pantula Mohan, Member (Judicial) 1. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by an order dated 15.01.2019 of this Adjudicating Authority on a Section 7 Petition filed by the Financial Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gulation 36(1) of the said regulation. It is further submitted that an advertisement was issued, inviting Expression of Interest in Form G in "Tarun Bharat" and "Free Press Journal" on 15.04.2019, fixing 29.04.2019 as last date for submission of Expression of Interest by the Prospective Resolution Applicants. 4. The Resolution Professional submits that no resolution plan was received by him. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en disputed by the CoC, on verification, we are of the view that this case is fit to pass liquidation orderunder sub-section 1 of section 33 of the Code asno resolution plan has been approved by the Adjudicating Authorityand accordingly, this Bench orders; a. that the Corporate Debtor to be liquidated in the manner as laid down in the Chapter by issuing Public Notice stating that the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... btor are directed to extend all co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. e. that the liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified by the IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation esta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 liquidator; 8. Accordingly, this Misc. Application is hereby allowed directing the Liquidator appointed in this case to initiate liquidation process as envisaged under Chapter-III of the Code by following the liquidation process given in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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