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2020 (2) TMI 634

..... he provisions of law as well as on facts, is constrained to order for liquidation of the Corporate Debtor and amidst such background the Corporate Debtor stands liquidated with the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of the IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017. Application cannot be admitted - Moratorium ceased to have effect. - IB NO. 45/7/JPR/2018, IA NO. 267JPR/2019 - 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/201 .....

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..... perative for ascertaining the financial position of the Corporate Debtor, the erstwhile directors of the Corporate Debtor stated that the books of account and other financial documents have been destroyed due to a massive fire at the office premises of the Corporate Debtor. 6. The Applicant has submitted that since the RP has no information qua the financial accounts, assets, liabilities etc., of the Corporate 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 t .....

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..... 9. It is submitted that the Committee of Creditors, vide fifth Meeting of CoC held on 13.08.2019, resolved that despite best efforts of the RP and the CoC, neither any information pertaining to the financial statements nor the assets belonging to the Corporate Debtor could be ascertained nor whereabouts of any of the erstwhile directors are known to the CoC or the RP. Therefore, the CoC unanimously resolved to 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 bef .....

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..... sions of law as well as on facts, is constrained to order for liquidation of the Corporate Debtor and amidst such background the Corporate Debtor stands liquidated with the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of the IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) 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 C .....

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