9911796707
Advanced Search 
TMI Blog2021 (5) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... B1994PTC063258], on the ground that no Resolution Plan received by him and the CoC by 100% voting share approved liquidation of the Corporate Debtor. 3. This Adjudicating Authority vide its order dated 17/12/2019 on a Petition filed by Bell Finvest (India) Limited (Financial Creditor) under section 7 of the Insolvency and Bankruptcy Code, 2016 ('the Code') directed initiation of the Corporate Insolvency Resolution Process ('CIRP') against the Corporate Debtor and appointed the Applicant herein as the Interim Resolution Professional (IRP), a copy of the order dated 17/12/2019 is annexed with the application and marked with the Letter "A". 4. In terms of section 15 of the Code, public announcement in Form 'A' was mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ority on 17/03/2020 for non-cooperation by the suspended members of the Board of Directors of the Corporate Debtor. In the meantime, 180 days CIRP period had ended on 14/06/2020 and application for extension or exclusion of CIRP period has not been filed so far. The instant application has been filed for maximisation of the value and to avoid future CIRP cost and time. A copy of the minutes of the 4th CoC meeting dated 20/10/2020 is annexed with application and marked with the Letter "F". 9. At the 5th CoC meeting held on 09/11/2020, it was discussed that liquidation process has to be started and that the RP has expressed his unwillingness to act as a liquidator in the present pandemic situation. A copy of the said minutes of the 5th CoC m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing a valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2019. c. The RP is hereby directed to handover all documents in his possession in respect of the Corporate Debtor to the Liquidator appointed in this matter within 15 days from today. d. The Liquidator shall initiate liquidation process as envisaged under Chapter-III of the Code and the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. e. Public Notice shall be issued once in "Business Standard" in English and once in "Aajkaal" (Bengali) stating that the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
