TMI Blog2021 (6) TMI 738X X X X Extracts X X X X X X X X Extracts X X X X ..... visions of IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 - application allowed. - IA No. 01/ND/2021 in Company Petition No. (IB)-1525(ND)/2019 - - - Dated:- 15-6-2021 - Dr. Deepti Mukesh, Member (J) And Sumita Purkayastha, Member (T) For the Appellant : Nipun Gautam and Prateek Kushwaha ORDER Dr. Deepti Mukesh, Member (J) 1. This is an application filed by the Resolution Professional under Section 33 (1) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance of directions for liquidation of the corporate debtor, Ajit Automotive Service Private Limited. 2. That one operatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on No. 1 To initiate the liquidation process against the Corporate Debtor: RESOLVE THAT, Ajit Automotive Services Private Limited, the Corporate Debtor be liquidated under section 33(2) of Insolvency and Bankruptcy Code, 2016. 7. The CoC passed are solution for the sale of the corporate debtor as a going concern (in liquidation) in accordance with regulation 39 C of CIRP Regulations with 91.07% vote share. The Resolution reads as follows: RESOLUTION NO. 4 To approve the sale of the Corporate Debtor as a going concern (in liquidation) RESOLVED THAT Corporate Debtor would be kept as a going concern during liquidation process and the liquidator be and is hereby authorized to explore sale of the Corporate Debtor a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assets of the corporate debtor as well as its liquidation value has been duly done by registered valuers. As per the valuation reports, the fair value of corporate debtor is approximately ₹ 5,52,85,000/- and the liquidation value is approximately ₹ 4,35,80,000/-. 11. This Tribunal is of the view that as per the record and submissions made, we endeavors to obtain resolution of corporate debtor has failed and CoC in its commercial wisdom decided to liquidate the corporate debtor which does not require any interference. In present circumstances the CoC decision is appropriate. 12. We hereby order that the corporate debtor Ajit Automotive Service Private Limited stands liquidated and the incidence of liquidation to fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to have its effect and that a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; f. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; 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 and in accordance with the relevant regulations. h. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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