TMI Blog2021 (7) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... after the same was issued twice and also keeping in view of the fact that the Corporate Debtor is not running its business and based on its commercial wisdom has decided to liquidate the Corporate Debtor. The liquidation of corporate Debtor is ordered - the liquidator is appointed - application allowed. - IA/450/CHE/2021 in IBA/635/2019 - - - Dated:- 20-7-2021 - R. Sucharitha, Member (J) And Anil Kumar B., Member (T) For the Appellant : S. Sathiyanarayanan, Advocate ORDER Anil Kumar B., Member (T) 1. This is an application filed under Section 33(2) of the Insolvency and Bankruptcy Code 2016 (in short IBC, 2016') seeking relief as follows: (i) Pass an order of Liquidation of the Corporate Debtor viz. M/s. N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sequent thereto, the Applicant prepared the Information Memorandum in accordance with the Balance Sheet of March 2019 and in the 3rd CoC meeting held on 18.03.2020, the CoC resolved to call for Expression of Interest and accordingly the Applicant caused public announcement in The Hindu , Tamil and Business Standard English on 18.04.2020. 5. In pursuance to the Eol, one Mr. Mahavir Damani expressed interest in the Corporate Debtor, however due to Covid - 19 pandemic he was unable to proceed further. In the meantime, M/s. United Bank of India amalgamated with M/s. Punjab National Bank and thus M/s. Punjab National Bank became the sole Financial Creditor of the Corporate Debtor. 6. Thereafter, it is seen that the CoC in its 6th meetin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. K. Sasidharan -Vs- Indian Overseas Bank this Tribunal orders for the liquidation of the Corporate Debtor. 8. It is also seen from the records that the Applicant herein has accorded his written consent in Form AA to act as the Liquidator of the Corporate Debtor. 9. In the circumstances, Mr. Ramachandran Subramaniam (IBBI/IPA-001/IP-P01440/2018-2019/12316) is appointed 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 her ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial affairs of the Corporate 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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