TMI Blog2021 (6) TMI 567X X X X Extracts X X X X X X X X Extracts X X X X ..... and excluded the period from 25.03.2020 to 31.07.2020 due to Covid-19. In furtherance to the publication of Form G, the resolution professional received an expression of interest from 4 prospective resolution applicants. The liquidation of the company is ordered. - IA/901/2021 in (IB)/470(ND)/2019 - - - Dated:- 31-5-2021 - B.S.V. Prakash Kumar, Actg. President And Hemant Kumar Sarangi, Member (T) For Appearing Parties : Aishwarya Mohan Gahrana, RP, Ahsan Ahmed, Ashish Makhija and Akanksha Vashudeva, Advs. ORDER 1. It is an IA filed u/s. 33(2) of the Insolvency Bankruptcy Code, 2016 ( the Code ) by the Resolution Professional (RP) seeking liquidation order based on the resolution passed by the CoC in its 6th meeting h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cants. In the 6th CoC dated 28.01.2021, the CoC discussed the resolution plans received and was not inclined to consider any resolution plan considering them to be not feasible and viable and pass resolution for initiation of liquidation process of the Corporate Debtor which is as follows:- RESOLVE THAT pursuant to Section 33(2) of the Insolvency and Bankruptcy Code, 2016 and the rules made thereunder, the consent of members of the Committee of Creditors be and is hereby accorded to approve the filing of an application with Hon'ble Adjudicating Authority, regarding the initiation of liquidation of Corporate Debtor and to appoint existing Resolution Professional, subject to given consent to act as liquidator, as the liquidator of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy Code, 2016; e. 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 and in accordance with the relevant rules and regulations. f. The Liquidator shall follow up and continue to investigate the financial affairs of the Corporate Debtor in accordance with provisions of Section 35(1) of the Code. g. The liquidator shall also follow up the pending applications for their disposal during the process of liquidation including initiation of steps for recovery of dues of the Corporate Debtor as per law. h. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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