TMI Blog2021 (8) TMI 269X X X X Extracts X X X X X X X X Extracts X X X X ..... pointed as the liquidator of the corporate debtor to carry out the liquidation process subject to the terms of the directions. The liquidation order passed - application allowed. - I. A. No. 1186/IB/2020 in I. B. A. No. 243 of 2019. - - - Dated:- 8-4-2021 - R. Sucharitha Judicial Member And B. Anil Kumar Technical Member For the Applicant : B. Dhanaraj ORDER R. SUCHARITHA (JUDICIAL MEMBER). - 1. The above application is filed by the resolution professional Mr. R. Raghavendran appointed by this Tribunal, seeking for the liquidation of the corporate debtor under section 33(2) of the Insolvency and Bankruptcy Code, 2016 read with rules 11 and 32 of the National Company Law Tribunal Rules, 2016. 2. From the aver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th CoC meeting convened on August 25, 2020 the members discussed about the resolution plans submitted and the CoC members have also approved the appointment of registered valuers. 4. It is further averred in the application that the applicant had appointed two registered valuers each for determining the fair value and the liquidation value of the land, building and plant and machinery of the corporate debtor and since there were no financial assets in the corporate debtor, no registered valuer in respect of the financial assets was appointed by the applicant. It is evident from form H filed by the applicant that the fair value for the land and building is arrived at ₹ 327,10,68,200 and the liquidation value for the land and buildin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution dated November 30, 2020. 7. Taking into consideration the provisions of section 33 of the IBC, 2016 and in the absence of any opposition to the application from the promoters/directors of the corporate debtor and also guided by the decision of the hon'ble Supreme Court in the matter of K. Sashidhar v. Indian Overseas Bank [2019] 213 Comp Cas 356 (SC) ; [2019] SCC Online SC 257, this Tribunal orders for the liquidation of the corporate debtor. 8. Learned counsel for the applicant has submitted that in the 24th CoC convened on December 9, 2020 the members holding together 89.29 per cent. voting share unanimously decided to appoint Mr. R. Sadasivan (Regn. No. IBBI/IPA/001/IP-P00108/2017-2018/10215) as the liquidator of the corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egistry is directed to communicate this order to the Registrar of Companies, Chennai and to the Insolvency and Bankruptcy Board of India. (e) In terms of section 178 of the Income-tax Act, 1961, the liquidator shall give necessary intimation to the Income-tax Department. In relation to other fiscal and regulatory authorities which govern 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
