TMI Blog2018 (11) TMI 1786X X X X Extracts X X X X X X X X Extracts X X X X ..... nsent as at Annexure RP-1, dated 20-11-2018 giving all the particulars as required in form AA, which is to be furnished by the resolution professional at the time of his appointment. It is stated that there are no proceedings pending with the IBBI or the Insolvency Professional Agency. We order the liquidation of the corporate debtor Kochar Overseas Private Limited and appoint Mr.Ashish Aggarwal, registered Resolution Professional as the Liquidator for the purposes of liquidation of the corporate debtor, in terms of section 33(2) of the Code. His appointment will take effect from the date of receipt of copy of this order. - CP (IB) NO. 108/CHD/PB/2017, CA NOS 340 & 370 OF 2018 - - - Dated:- 30-11-2018 - R.P. Nagrath, Judicial Member ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proprietorship concern submitted the resolution plan, which was discussed in various meetings of the CoC, but ultimately the same was not accepted in the meeting held on 11-8-2018. The minutes of the meeting are at Annexure RP-1, which was attended among others by the representatives of the only Financial Creditor-Punjab National Bank and the representative of the Directors of the suspended Board of Directors. By this resolution, the CoC took note of the fact that the resolution applicant, who submitted the initial bid of ₹ 9 crores extended it finally to 10.25 crores on 6-7-2018 and then again revised the bid to ₹ 12 crores on 10-8-2018, but also was seeking discharge of liabilities of the directors of the company and release ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate debtor is not a going concern. It has its immovable assets, which comprise of land. Apart from that, there is also some machinery lying at the site. There are also the guarantors in respect of the loan of the Financial Creditors. Learned counsel for the resolution applicant further submits that so far as the steps taken against the guarantor is concerned, an application i.e. OA was already filed before the DRT, which has since been allowed and the necessary orders have also been passed in respect of the corporate guarantors. However, the orders have yet not been communicated because of the moratorium issued in this case. 10. Section 33(2) of the Code says that where the Resolution Professional, at any time during the CIRP but befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dation of the corporate debtor, in terms of section 33(2) of the Code. His appointment will take effect from the date of receipt of copy of this order. 14. It is further observed that all the directions/requirements and provisions of Chapter III of the Code and Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as Liquidation Process Regulations, 2016) shall be strictly complied with. Some of the directions are noted as under:- (i) That as per section 33(5) of the Code and subject to section 52 of the Code, no suit or other legal proceedings shall be instituted against the corporate debtor; Provided that a suit or other legal proceedings may be instituted by the liquidator on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alling upon the stake holders to submit their claims as on liquidation commencement date and provide the last date for submission of claim which shall be 30 days from the liquidation commencement date. 16. It is further directed that the announcement shall be published in accordance with Regulation 12(3) as under:- (a) In one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the liquidator, the corporate debtor conducts material business operations; (b) on the website, if any, of the corporate debtor; and (c) on the website, if any, designated by the Board for this purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide diary No. 2965, dated 13-8-2018 be kept in the miscellaneous record and the one filed now vide diary No. 4671, dated 29-11-2018 would be considered for disposal. Notice of this application be issued to the respondents No. 1 to 11 for 11-2-2019. The applicant shall collect the notices from the registry and send the same immediately to the respondents No. 1 to 11 by speed post along with the copy of the complete application and the entire paper book. In view of the above, respondent No. 1 and 2 be directed in the notice to provide the complete particulars and address of respondent No. 12 within three weeks of receipt of notice of this application and on such filing, notice be issued to the respondent No. 12. The petitioner shall c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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