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TMI Blog2020 (10) TMI 170X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Professional as liquidator of the Corporate Debtor under Section 34; and c) Provide police assistance to the Liquidator to take custody and control of the records to complete the valuation process of the Corporate debtor. 2. This Tribunal vide order dated 20.09.2019 ordered the Corporate Insolvency Resolution Process under Section 7 of the IBC, 2016 in the Application No. TIBA/7/KOB/2019 filed by the Financial Creditor, the Federal Bank Limited against the Corporate Debtor M/s. Sargam Builders Pvt. Ltd. and appointed the applicant herein as the Interim Resolution Professional (IRP) and thereafter he was appointed as Resolution Professional with the approval of CoC on 17.02.2020. 3. On 26.09.2019, the applicant received a copy o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed an application - M.A. No. 68/KOB/2020 under Section 40 (2) of CIRP Regulation for extension of time period of CIRP and this Tribunal vide order dated 26.06.2020 extended the CIRP till 29.03.2020 stating that the special provision relating to the timeline issued vide notification dated 29.03.2020 will apply till the lockdown lifting notification is issued by the Government of India. Thereafter, the CIRP resumed on 07.08.2020 and third CoC meeting was held on that date. On 03.09.2020, the fourth CoC was held and as against Agenda item No.8- To take decision on reissue of Form G. COC with 77.92 % (100% of Members Meeting attended) resolved not to reissue Form G further, and not to go for fresh EOI and recommended to file application for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er submitted that the suspended directors have not attended any of the CoC meeting and not extended the co-operation with CoC. In view of non-cooperation from the promoter/director of the Corporate Debtor, the RP sought direction for police assistance to collect all the documents for valuation and to complete valuation as the office premises is part of the house of the Corporate Debtor. Another submission made by the RP is that in the present scenario where real estate sector is not in demand and considering the statistics of the unsold unit of finished projects, unfinished units, pending projects, projects of various completion stage in Ernakulum area itself, COC Suggests that obtaining a resolution applicant for a project without approval ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ile the application for liquidation of the company." 9. Hence, this Tribunal pass the following order: ORDER (i) The Corporate Debtor M/s. Sargam Builders Pvt. Ltd. is hereby put under liquidation with immediate effect under Section 33(2) of IBC, 2016 (ii) As the RP has enclosed his consent to continue as the Liquidator and copy of Authorization for Assignment for and on behalf of Indian Institute of Insolvency Professionals of ICAI, along with this application, the Resolution Professional herein, Mr. Jasin Jose, IBBI/IPA-001/IP-P-00695/2017-2018/11225 is hereby appointed as Liquidator of the Corporate Debtor under Section 34 of IBC, 2016. (iii) The Liquidator is directed to adhere to Section 33(1) (ii) & (iii) and discharge his pow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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