TMI Blog2021 (5) TMI 942X X X X Extracts X X X X X X X X Extracts X X X X ..... days, as per operation of Section 33(1) of the IBC, 2016, the Corporate Debtor should be ordered for liquidation. Section 33(1) of the IBC, 2016. The Resolution Professional expressed his willingness to continue as the liquidator and also a perusal of the same discloses the fact that the Resolution Professional is willing to act as the Liquidator of the Corporate Debtor, if appointed by this Tribunal. 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 - Application disposed off. - IA/359/IB/2020 in IBA/877/2019 - - - Dated:- 5-5-2021 - R. Sucharith ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.03.2020, before the CIRP period, came to an end. 4. It is further averred that this matter came before the Adjudging Authority on 05.02.2021 posted for hearing on 25.02.2021. On 25.02.2021 due to paucity of time, this matter was adjourned to 10.03.2021. On 10.03.2021, the learned counsel for Applicant submitted that this application is filed seeking a direction of CIRP period 90 days, this Bench directed to the applicant to file Additional Affidavit indicating that sequence of events taken place till that date. On 05.04.2021, the learned counsel for the Applicant submitted that no resolution plan is pending for approval. Since period of 330 days for CIRP was completed, no progress has been made towards the resolution process, no Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. 7. The Resolution Professional expressed his willingness to continue as the liquidator and also a perusal of the same discloses the fact that the Resolution Professional is willin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Income Tax Department. In relation to other fiscal and regulatory authority which governs the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation. f) The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. g) The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016. h) The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section - 35(1) of IBC, 2016 r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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