TaxTMI 
TaxTMI 
2021 (3) TMI 922
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.... brief, are that, this Adjudicating Authority admitted Corporate Debtor in to Corporate Insolvency Resolution Process vide its order dated 13th January, 2020 in CP(IB) No. 441/9/NCLT/AHM/2018 filed under Section 9 of the IBC, 2016, wherein Mr. Omkar Chand Maloo, Insolvency Professional appointed as "IRP". 3. The IRP made the public announcement as contemplated under the provision of Section 15 of the Code and invited the claims from Creditors in prescribed Forms which was published and "Nav Gujarat Times" in vernacular language on 28.01.2020, wherein, Resolution Professional has received three claims amounting to Rs. 43,78,590/- . 4. The Resolution Professional called for first meeting of the CoC on 20.02.2020, whe....
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....Regulations, 2016 was also passed unanimously by members of CoC. The minutes of the said meeting is attached with the application. 8. The Applicant submits that as no resolution plan or EOI received and the operations of the Corporate Debtor were suspended for more than 2 years, the members of CoC resolved to initiate liquidation process of Corporate Debtor. 9. The CoC and the Resolution Professional have formed a view that there will be no situation of contribution towards CIRP /liquidation cost, as there exist sufficient assets to meet such costs. Hence, necessary resolution as per Regulation 2A of Insolvency and Bankruptcy Board of India (Liquidation Process) has not been passed. 10. In our view they should have passed Resolution in s....
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....der Section 53 of the Code. 6. That once having liquidation process initiated, subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suite or other legal proceeding on behalf of the corporate debtor with prior approval of this Adjudicating Authority as mentioned in Sub-Section 6 of Section 33 of the I.B. Code. 7. The Liquidator shall take necessary legal action to recover the trade receivables and other credits such as loans and advances from the parties which are reflected in the latest balance sheet of the Corporate Debtor, if any. This direction is hereby given in concurrence of the jurisdiction prescr....