TMI Blog2021 (2) TMI 461X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal heard the learned counsel appearing for the Resolution Professional and had gone through all the case records including the Resolution passed by the Committee of Creditors in the 2nd meeting held on 07.12.2020, and being satisfied with the conditions enshrined in the CIRP Regulations and ordered that Corporate Debtor M/s. Auto Friction Components India Private Limited is hereby put under liquidation with immediate effect under Section 33(1) of IBC, 2016. Application allowed. - IA/IBC/25/KOB/2021 in CP/IB/54/KOB/2019 - - - Dated:- 5-2-2021 - Hon ble Mr. Ashok Kumar Borah, Member ( Judicial ) For the Applicant : RP Shri Vinod P.V ORDER This Interlocutory Application has been filed under Section 33(2) of IBC, 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thorized representative of workmen and employees till 20.09.2020. 4. The Applicant further stated that the first meeting of Committee of Creditors of the Corporate Debtor was held on 30.10.2020, and resolved to appoint the Applicant as the Resolution Professional with100% voting. In the first meeting of Committee of Creditors, the Applicant reported to the Committee of Creditors that it may not be possible to revive the Corporate Debtor as a going concern for the following reasons: (A) As per the data available from the website of Ministry of Corporate Affairs, the status of the Company for e-filing is marked as strike off . (B) There are no signatories existing for the Company and details of existing Directors, if any, are not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... debts and the same was transferred to Hon ble NCLT, Chennai as an application under Section 7 of IBC and the same was subsequently transferred to Hon ble NCLT, Kochi Bench. (d) There are no existing Directors/Signatories available for the Company as per ROC website and existence or details of the Directors if any are not traceable. (e) Company has not filed any statutory returns/audited financial statements after the year 2006. The registered office of the Company is also not functional. (f) The Company has no existing employees. (g) The essential information required for the preparation of Information Memorandum are not available. (h) There is no significant asset value for the Company other than the land admeasuring appro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e estimated Liquidation cost excluding the fee payable to the Liquidator is ₹ 1,60,000/- and Financial Creditor agreed to meet such expenses which shall be subject to the recovery from the liquidation assets. b. The Committee formed an opinion that in view of defunct status of the Company, it may not be possible to explore the option of sale of the Corporate Debtor as a going concern under Regulation 39(C). c. Committee also fixed the fee of the Liquidator as 2.98% of the proceeds distributed to the creditors. 9. Hence, the Applicant has filed this IA with prayer to order Liquidation of the Corporate Debtor and appoint the Resolution Professional as the Liquidator of the Corporate Debtor. 10. The consent of the Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idator. The personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. e) Since this liquidation order has been passed, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor without prior approval of this Adjudicating Authority, save and except as mentioned in Sub-Section 6 of Section 33 of the Code. f) The Liquidator shall co-ordinate with all the authorities, and the respected Govt. authorities shall provide complete information required by the Liquidator to facilitate the process of Liquidation. g) The Liquidator is at liberty to seek any directions, if need be, from this Bench during th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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