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TMI Blog2020 (12) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor viz., Bansal International Private Limited under Section 9 of the IB Code, seeking initiation of Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") which was admitted by this Adjudicating Authority vide its Order dated 10.10.2019 and appointed the Applicant, Bhavi Shreyans Shah as Interim Resolution Professional (hereinafter referred as "IRP") of the Corporate Debtor. It is stated in the application that Committee of Creditors (hereinafter referred as '"CoC") in its First Meeting held on 12.11.2019 decided for continuation of the IRP as RP. It is stated by the Applicant that in the Second CoC meeting held on 12.12.2019, CoC resolved to go for Liquidation of the Corporate Debtor as there is no asset or Pl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised by the CoC after taking into count all the factors leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or sub-class of creditors lies with the CoC." Under the facts and circumstances as narrated above, we pass the following orders: a) The moratorium declared under Section 14 of the IB Code shall cease to have effect from the date of the order of liquidation. b) The Liquidator is further directed to issue public announcement stating that the Corporate Debtor is in liquidation. c) The Liquidator is required to send certified copy of this order to the authority with which the Corporate Debtor is registered. d) Subject to Section 52 of the IB Code, no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estate assets as may be specified by the Board.
j) The Registry is directed to communicate this order with immediate effect to the concerned Registrar of Companies, registered office of the Corporate Debtor and Company Liquidator for information and compliance.
Hence, the IA 255 of 2020 in CP (IB) 386 of 2019 so filed by the RP under Section 33 of the IB Code, 2016 is allowed and the Adjudicating Authority passes an order for initiation of liquidation of the Corporate Debtor viz., Bansal International Private Limited. The RP i.e. Bhavi Shreyans Shah, shall act as the Liquidator for the purpose of liquidation of the Corporate Debtor.
Accordingly, the instant IA is allowed and stands disposed of with the above observations. X X X X Extracts X X X X X X X X Extracts X X X X
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