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TMI Blog2021 (5) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... /IB/2020 is filed by the liquidator under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 for liquidation of the Corporate Debtor, seeking reliefs as follows: a) That this Hon'ble Tribunal may be pleased to pass necessary orders that the Corporate Debtor (Padmaadevi Sugars Limited) be liquidated in the manner as laid down under the Code. b) In terms of Section 33/34(1) of the Code to pass an order that the existing Resolution Professional (Mr. Mudapallur Varieth Gangadharan, the applicant herein) having Registration No. IBBI/IPA-001/IP-P00438/2017-18/10761 to act as the Liquidator of the Corporate Debtor for the purpose of liquidation of the Corporate Debtor". 2. By order dated 15.10.2018, this Adjudicating Authority orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stands allowed. 6. IA/650/IB/2020 is filed by the Financial Creditors namely, Indian Overseas Bank and Bank of India, seeking permission to implead themselves in IA/649/IB/2020. 7. It is pertinent to mention here that IA/650/IB/2020 filed by the Indian Overseas Bank and Bank of India, have raised various allegations against the present Applicant/RP. The Bankers namely, Indian Overseas Bank holds 63.80% of the voting rights of the CoC and Bank of India holds 32.75% of the voting rights of the CoC and together they hold 96.55% of the voting rights of the CoC of the Corporate Debtor. 8. There are lot of allegations of mis-management filed by these Applicants. The Applicants have also brought to the notice of this Adjudicating Authority that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the CIRP period was ended on 17.01.2021 and no Resolution Plan or any proposal is pending, and also the company is not a going concern, considering all these facts, it is ordered that the Corporate Debtor herein shall be liquidated. This Adjudicating Authority hereby appoint Mr. C. Ramasubramaniam having Registration No: IBBI/IPA-002/IP-N00052/2016-17/10096 to act as the Liquidator of the Corporate Debtor to carry out the liquidation process subject to the following terms of the directions: a) The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 and the attendant Rules and regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended upto date enjoined upon him. b) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor in terms of the provisions of Section - 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company Applications during the process of liquidation. i) The Liquidator shall submit a Preliminary report to this Tribunal within 75 (seventy-five) days from the liquidation commencement date as per regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. Further such other or further report as are required to be filed under the relevant Regulations, in addition, shall also be duly filed by him with this Adjudicating Authority. j) Copy of this order be sent to the Financial Creditors, Corporate Debtor and the Liquidator for taking necessary ste ..... X X X X Extracts X X X X X X X X Extracts X X X X
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