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TMI Blog2020 (2) TMI 634X X X X Extracts X X X X X X X X Extracts X X X X ..... ivate Limited, (for brevity 'Corporate Debtor'). 2. Earlier, an Application under Section 7 of the IBC, 2016, was filed by the Punjab National Bank (for brevity 'Financial Creditor'). This Tribunal admitted the insolvency petition on 01.03.2019 and appointed Mr. Kamal Kumar Jain as Interim Resolution Professional (TRP'). 3. The first meeting of the Committee of Creditors (for brevity 'CoC') was held on 09.04.2019, wherein the CoC resolved to appoint Mr. Kamal Kumar Jain as Resolution Professional (for brevity 'RP'), and the same was confirmed by this Tribunal vide its order, dated 11.04.2019. 4. It is submitted that during the pendency of the CIRP against the Corporate Debtor, the RP filed an Interim A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elevant information pertaining to the operations, financial accounts, location of assets or whereabouts of the erstwhile directors or personnel of the Corporate Debtor. Therefore, due to circumstances beyond the control of the RP, no significant progress could be made with respect to the CIRP process till date. 8. It is also submitted by the Applicant that the annual financial statement of the Corporate Debtor has not been prepared since 31.03.2015. Moreover, due to non-availability of books of account and financial records, preparation of up-to-date financial statement of the Corporate Debtor is not possible. The only records available with the RP are the bank statements from which it is clearly evident that the Corporate Debtor, along wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he IBC, 2016, seeking direction against the directors of the Corporate Debtor to make such contributions, jointly and/or severally to the assets of the Corporate Debtor for the remittance of the amount of Rs. 16,27,93,947/- (being outstanding amount of claim admitted of sole financial creditor Punjab National Bank as on 01.03.2019) plus future interest and charges in the account of the Corporate Debtor. This IA was disposed off vide order dated 19.07.2019, as the RP prayed to withdraw the same. 11. 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 the resolution professional at any time during the corporate insolvency res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruptcy Board of India; d. In terms of section 178 of the Income-tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly, in relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation. e. The Order of Moratorium passed under Section 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 m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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