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2020 (2) TMI 634

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..... ss) Regulations, 2017. Application cannot be admitted - Moratorium ceased to have effect. - IB NO. 45/7/JPR/2018, IA NO. 267JPR/2019 - Dated:- 1-10-2019 - Dr. Poondla Bhaskara Mohan, Judicial Member And Raghu Nayyar, Technical Member Abhishek Bhandari and Saumil Sharma, Advs. for the Appellant. ORDER 1. This Application IA/267/JPR/2019, is filed by the Resolution Professional (for brevity 'Applicant') under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (for brevity 'IBC, 2016'), for initiation of Liquidation Proceedings against Guman Furniture and Services Private Limited, (for brevity 'Corporate Debtor'). 2. Earlier, an Application under Section 7 of the IBC, 2016, was filed by the Punjab National Bank ( .....

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..... Debtor, therefore the Information Memorandum could not be prepared and circulated. Moreover, for the abovementioned reasons, the particulars of invitation for Expression of Interest (EoI) in Form G, in order to invite prospective resolution applicants could not be prepared and published in newspapers and the process of CIRP has come to an absolute standstill. 7. The Applicant has submitted that in the fourth Meeting of CoC, held on 22.07.2019, he informed the CoC that, despite all his possible efforts, not even a single person could be traced, or communicated with, who could provide relevant information pertaining to the operations, financial accounts, location of assets or whereabouts of the erstwhile directors or personnel of the Corporat .....

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..... proceed with the liquidation of the Corporate Debtor.The operative part of the Resolution is reproduced as below: - "RESOLVED THAT the proposition for liquidation of the Corporate Debtor is hereby approved. " "RESOLVED FURTHER THAT the Resolution Professional be and is hereby authorised to file necessary application before the Hon'ble NCLT to enable initiation of liquidation process of the corporate debtor as may deem fit and justified in given circumstances. " 10. It is further seen that the RP had also filed an Application vide IA No. 214/JPR/2019 under Section 66(1) of the IBC, 2016, seeking direction against the directors of the Corporate Debtor to make such contributions, jointly and/or severally to the assets o .....

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..... ss) Regulations, 2017, along with the following directions: a. Mr. Brij Kishore Sharma, Resolution Professional holding Registration No. IBBI/IPA-002/IP-N00036/2016-17/10075, is hereby appointed as Liquidator, for which he has given written consent. b. Mr. Brij Kishore Sharma is directed to issue Public Announcement stating that the Corporate Debtor is in liquidation, in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; c. The Registry is directed to communicate this Order to the Registrar of Companies, Jaipur and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income-tax Act, 1961, the Liquidator shall give necessary intimation to the Income Ta .....

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