TMI Blog2019 (12) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... the second CoC meeting held on 03.06.2019, since no asset is lying with the company, the CoC has arrived to a conclusion that this is a fit case for placing a proposal for liquidation as this company is neither a going concern nor holding any assets, thereby on 19.06.2019, they have unanimously proposed for liquidation of this company. Since it has been categorically mentioned by the CoC that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted on 27.03.2019. Thereafter, on the claims received from the Financial Creditors, CoC was constituted on 25.04.2019. In addition to constitution of CoC, in the second CoC meeting held on 03.06.2019, since no asset is lying with the company, the CoC has arrived to a conclusion that this is a fit case for placing a proposal for liquidation as this company is neither a going concern nor holding any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of liquidation of the corporate debtor, therefore all powers of the board of directors, Key managerial personnel and partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be hereby vested in the liquidator. The Personnel of the Corporate Debtor are directed to extend all co-operations to the liquidator as may be required in managing the affairs of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... employees and workmen of the Corporate Debtor except to extent of the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. (e) The liquidator is directed to carry the functions of the Liquidator as envisaged under the Insolvency and Bankruptcy Code, 2016 and also Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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