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TMI Blog2021 (4) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... ng reliefs: a. This Hon'ble Tribunal be pleased to give order under Section 33(2) of IBC for liquidation of the Corporate Debtor. b. This Hon'ble Tribunal be pleased to give direction to the petitioner or COC member to release an amount of Rs. 14,92,122/- to the applicant, the other professional and agencies as per the CIRP sheet c. Any other direction as this Hon'ble Tribunal may fit in facts and circumstances of the present case; d. Cost of the present application. 2. The counsel for the Applicant submitted that this Tribunal vide an order dated 15.07.2019 in Company Petition No. 146 of 2019 admitted the petition under Section 8 & 9 of the Code, filed by Mr. Ajay Agarwal (hereinafter referred to as the "Operational Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry application with Adjudicating Authority to expediate the process of Liquidation. All committee of creditors members has voted in favour and resolution passed with 100% majority to take Corporate Debtor to liquidation. Resolution Professional Mr. Rajmal Mogra Expressed his inability to act as Liquidator for the Corporate Debtor". ORDER We have heard the Applicant and perused all the documents submitted by them. It is observed from the minutes of the 3rd CoC meeting that the CoC has, with 100% majority, decided to liquidate the Corporate Debtor and relying on the settled principle of law regarding the Commercial Wisdom of the CoC, we hereby allow this Interlocutory Application Number 332 of 2020 with the following observations and di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of the Corporate Debtor.
h. That on having liquidation process initiated, subject to Section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority.
i. This liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator.
With the above directions, this application i.e. I.A. No. 332 of 2020 is hereby allowed and disposed of. X X X X Extracts X X X X X X X X Extracts X X X X
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