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TMI Blog2019 (2) TMI 1835X X X X Extracts X X X X X X X X Extracts X X X X ..... pass an order of liquidation and appoint the Applicant as the Liquidator of M/s. Praiseworth Infra Private Limited. b. That all and any consequent orders pursuant to the order of liquidation of the said M/s. Praiseworth Infra Private Limited be passed. For costs and c. For such other and further reliefs as the nature and circumstances of the case may require. 3. Originally, Statement Bank of India (Financial Creditor) has filed an Application under Section 7 of the I&B Code, 2016 against M/s. Praiseworth Infra Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIR Process) against the Corporate Debtor, declare moratorium and appoint Interim Resolution Professional (IRP). This Adjudicating Autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tors, the Corporate Debtor "PRAISEWORTH INFRA PRIVATE LIMITED" be liquidated and the Resolution Professional is authorized to apply with the Honourable National Company Law Tribunal, Chennai Bench for the liquidation of the Corporate Debtor under Section 33(2) of the IBC 2016." 8. Accordingly, the Resolution Professional has filed the present MA/118/2019 for seeking order for liquidation of the Corporate Debtor viz. M/s. Praiseworth Infra Private Limited. Since no Resolution Plan has been received by this Authority under Sub-section (6) of Section 30 of the I&B Code, 2016, before the expiry of the CIR Process period of 180 days, the Corporate Debtor has to be ordered for Liquidation. ORDER 9. In view of the facts and circumstances record ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Liquidator. VII. All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the Company Liquidator viz., Mr. C. Ramasubramaniam. VIII. The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. IX. The Company Liquidator shall be entitled to charge such fees for the conduct of the liquidation proceedings and in such a proportion to the value of the liquidation estate assets as specified under Regulation 4 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. X. Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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