TMI Blog2020 (1) TMI 1379X X X X Extracts X X X X X X X X Extracts X X X X ..... the liquidation value of the Company, subsequently he determined the liquidation value of the Company as ₹ 119.36 crores based on the average of the valuation given by the two valuers. Upon placing those two plans, since COC felt that those two plans were constituted with a conditional arrangement and not reflecting the value of the Corporate Debtor, the COC has, summarily rejected those two plans not for they are not viable, and passed a resolution on 22.10.2019 for liquidation of the Corporate Debtor with 87.30% voting with a recommendation to appoint same Resolution Professional as Liquidator. The COC has taken an opinion in its commercial wisdom coming to a conclusion that those two plans with conditions are not viable to m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of, he appointed two valuers for determination of the liquidation value of the Company, subsequently he determined the liquidation value of the Company as ₹ 119.36 crores based on the average of the valuation given by the two valuers. Upon which, he prepared information of memorandum, consequent to it, issued invitation for expressions of interest. Based on fourteen expressions of interest received by the Resolution Professional, out of those fourteen expressions of interest, two of them along with their resolution plans were placed before COC. Upon placing those two plans, since COC felt that those two plans were constituted with a conditional arrangement and not reflecting the value of the Corporate Debtor, the COC has, summarily re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceed with the process of liquidation in the manner laid down in Chapter Ill of Part Il of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant regulations. f. Liquidator is directed to act in terms of the decision of Hon 'ble Appellate Tribunal passed in Company Appeal (AT) (Ins.) No. 224 Of 2018 in the matter of Y. Shivram Prasad v. S. Dhanapal decided on 27.02.2019 inter alia to ensure that the corporate debtor remains a going concern. g. The liquidator shall follow up and investigate the financial affairs of the corporate debtor in accordance with provisions of Section 35 (l) of the Code. h. The liquidator shall also follow any pending application for its disposal during the process of liquidatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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