9911796707
TMI Blog2019 (12) TMI 562X X X X Extracts X X X X X X X X Extracts X X X X ..... (India) Private Limited, (for brevity 'Corporate Debtor'). 2. Earlier, an Application under Section 10 of the IBC, 2016, was filed by the Corporate Debtor. This Tribunal admitted the insolvency petition on 13.06.2018, and appointed one Mr. Brij Kishore Sharma as Interim Resolution Professional ('IRP'). 3. The first meeting of the Committee of Creditors (for brevity 'CoC') was held on 12.07.2018, wherein the CoC resolved to replace the IRP i.e. Brij Kishore Sharma. Consequently, Mr. Satyendra Prasad Khorania was appointed as Resolution Professional ('RP'). 4. In compliance of Section 15 of the IBC, 2016, the Resolution Professional issued Information Memorandum and invited resolution plan on 11.10.2018. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P under Section 45 of the IBC, 2016, wherein it was prayed to declare certain transactions as undervalued. 8. Taking into consideration the above facts in relation to the affairs of the Corporate Debtor the provisions of Section 33(2) of IBC, 2016, are as follows: - "(2) where a the resolution professional at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the adjudicating authority of the decision of the committee of creditor approved by not less than sixty-six per cent of the voting share to liquidate the corporate debtor, the adjudicating Authority shall pass a liquidation order as referred to in sub-clause (1), (ii) and (iii) of clause (b) of Sub-Section (1)." 9. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 14 of the IBC, 2016; shall cease to have its effect and a fresh Moratorium under Section 33(5) of the IBC, 2016; shall commence; f. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33(7) of the IBC, 2016; g. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the IBC, 2016, and in accordance with the relevant regulations; h. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016; i. Copy of this order be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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