9911796707
TMI Blog2021 (5) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... laid down in Chapter III of the IBC". 2. The Counsel for the Applicant states that the main IB A/1062/2019 was filed by one Mr. B. Madhav, Practising Company Secretary under Section 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process ("CIRP") on the ground that the Corporate Debtor namely M/s. Rocana Infrastructure Private Limited had defaulted in paying an amount of Rs. 2,83,185/- (Rupees Two Lakhs Eighty Three Thousand One Eighty Five Only) for the secretarial services rendered by the Operational Creditor. By order dated 20.01.2020, this Adjudicating Authority ordered for commencement of CIRP by appointing the Applicant herein Mrs. Renuka Devi R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so received claim from M/s. Siva Industries and Holdings Limited ("SIHL") through its Resolution Professional on 14.02.2020. The CoC was reconstituted with a sole Financial Creditor namely SIHL through its RP with 100% voting rights and the Applicant proposed to hold the 1st CoC meeting on 10.03.2020. The meeting again adjourned and the same was conducted on 20.03.2020 through Audio Conference at 17.30 hours without the physical presence of the sole Financial Creditor due to the unprecedented Covid-19 pandemic. 7. The Applicant Counsel further submits that the sole member of the CoC represented by its RP informed the Applicant about the decision to initiate Liquidation proceedings against the Corporate Debtor as per Section 33(2) of the IB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or liquidation of the Corporate Debtor. 11. In this case, the learned counsel for the Applicant submitted that the Applicant/RP is not willing to continue as Liquidator. In this circumstance, this Adjudicating Authority as per Section 34(5) of the IBC, 2016 hereby directs the Insolvency and Bankruptcy Board of India (IBBI) to propose the name of another Insolvency Professional to be appointed as a Liquidator and IBBI as per Section 34(6) of the IBC, 2016, shall propose the name of another Insolvency Professional along with written consent from the Insolvency Professional in the specified form within 10 days from the date of receipt of this order. 12. Upon the name being proposed by the IBBI for the appointment of an Insolvency Professiona ..... X X X X Extracts X X X X X X X X Extracts X X X X
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