TMI Blog2020 (12) TMI 491X X X X Extracts X X X X X X X X Extracts X X X X ..... duly done. The fair value of assets and liquidation value as per date 20.07.2020 is ₹ 384.88 (in lakhs) and ₹ 105.40 (in lakhs) respectively. This Tribunal in the circumstances taking into consideration the provisions of law as well as on facts hereby orders for liquidation of the corporate debtor and in the circumstances the corporate debtor stands liquidated and the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 - application allowed. - IA No. 3680/2020 IN Company Petition No. (IB)-1265(ND)/2019 - - - Dated:- 19-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spective Resolution Applicants in prescribed Form-G and publication was made in Business Standard (English and Hindi) Delhi NCR Edition on 01.10.2019. The last date of submission of Expression of Interest was decided to be 16.10.2019. The third meeting of CoC was held on 19.10.2019 wherein it was apprised to the CoC members that no interest has been received from any prospective Resolution Applicant till the last date of submission. The committee was of the view that it would be prudent to take a commercial view and another publication (Form-G) was made in Business Standard (English and Hindi) Delhi NCR Edition on 21.10.2019. In the fourth meeting of the CoC it was informed that and Expression of Interest has been received from one Prospect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Applicant viz. LMJ Services Limited. Subsequently the Resolution Professional issued Request for Resolution Plan along with the Evaluation Matrix to the Prospective Resolution Applicant. The Prospective Resolution Applicant was asked to submit its resolution plan on or before 25.0.2020. 7. It was further apprised by the Resolution Professional to the CoC members that no resolution plan was received by the Prospective Resolution Applicant and that the time line of 270 days for completion of the CIRP of the Corporate Debtor ended on 13.04.2020. The CoC members passed the resolution to initiate the Liquidation process of the Corporate Debtor with 100% of votes. 8. The CIRP of 270 days in the present matter has been expired and d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 10. This Tribunal in the circumstances taking into consideration the provisions of law as well as on facts hereby orders for liquidation of the corporate debtor and in the circumstances the corporate debtor stands liquidated and the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 along with the following directions: a. Mr. Hemant Sharma Resolution Professional holding registration no. IBBI/IPA-002/IP-N00015/2016-17/10019, is appointed as Liquidator and has given consent to act as the liquidator vide written communication dat ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
