TMI Blog2021 (3) TMI 922X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor needs to be liquidated. Application allowed. - IA 874 of 2020 in CP(IB) 441 of 2018 - - - Dated:- 3-3-2021 - MADAN BHALCHANDRA GOSAVI, MEMBER (JUDICIAL) AND VIRENDRA KUMAR GUPTA, MEMBER (TECHNICAL) Learned Counsel Mr. L.M. Patel appeared for the Applicant ORDER The present Interlocutory Application is filed by the Resolution Professional seeking for passing an Order of liquidation under Section 33 of the Insolvency Bankruptcy Code, 2016 for initiation of Liquidation Process of Sonali Energees Private Limited -the Corporate Debtor. 2. The facts, in brief, are that, this Adjudicating Authority admitted Corporate Debtor in to Corporate Insolvency Resolution Process vide its order dated 13th January, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Applicant. The Applicant submits that the last date for submission of EOI was 25.11.2020. In response to the public announcement Resolution Professional did not receive any resolution plan. 7. It is noted that in the fifth meeting of CoC dated 03.11.2020, the members of CoC through E-voting decided to liquidate the Corporate Debtor. The resolution regarding continuation of the Resolution Professional as the Liquidator with a fees as prescribed under Rule 4 (2) and 4 (3) of the IBBI (Liquidation Process) 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 Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed., which has been duly approved by CoC in its fifth meeting dated 03.11.2020. 4. All the powers of the Board of Directors, key managerial persons, the partners of the Corporate Debtor hereafter cease to exist. All these powers henceforth, vest with the Liquidator. 5. The Liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified by IBBI and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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