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TMI Blog2019 (10) TMI 1452X X X X Extracts X X X X X X X X Extracts X X X X ..... & 34 of Insolvency & Bankruptcy Code, 2016 seeking direction to pass an order of Liquidation in respect of Corporate Debtor. 2. At the first instance, this Tribunal admitted the Petition filed under Section 9 of IBC, 2016 and initiated Corporate Insolvency Resolution Process against Corporate Debtor. Subsequently, the Resolution Professional was appointed by this Tribunal vide Order dated 16.07.2019 passed in l.A. No. 576 of 2019 by replacing Interim Resolution Professional, Shri Gonugunta Sudhir by Smt Manjula Sistla as the Resolution Professional. 3. The Interim Resolution Professional caused Public Announcement regarding initiation of CIRP in Financial Express, Hyderabad Edition, and Mama Telangana, Hyderabad Edition, News Papers on 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al carried out Public announcement inviting Expression of Interest (hereinafter referred to as the "EOI") from prospective resolution applicants on 29 June, 2019 in Andhra Prabha, Main Edition and Financial Express, Telangana and Andhra Pradesh Edition with the last date for submission of EOI by prospective resolution applicant being 13 July, 2019. Copies of the aforementioned advertisement have been filed herewith as "Annexure VII". However, the Resolution Professional received no response from prospective Resolution Applicants! Bidders for the EOI issued in the newspapers on 29 June, 2019 for its revival until the last date for submission of EOI which was 13 July, 2019. 8. The CoC in its Fifth Meeting held on 13 September, 2019 and adjou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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. 12. As per Section 33(1) (a) of the Code, if the Resolution Plan has not received under Section 30(6) with in CIRP period, the Tribunal has no other option but to pass a liquidation order. The Resolution Professional has not filed any Resolution Plan before this Tribunal under Section 30(6) with in CIRP period. By relying on Section 33(1) (a) of the Code, the Resolution Professional having not submitted any Resolution Plan within CIRP period leads to passing an order of liquidation. We see no other alternative except passing an order o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e IBBI (Liquidation Process) Regulations, 2016. 18. The Order of Moratorium passed under Section 14 of the Code shall cease to have its effect. 19. 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 Code. 20. Since Liquidation order has been passed no suit or other legal proceedings shall be instituted by or against the Corporate Debtor, save and except as mentioned in Section 52 of the Code, as to institution of legal proceedings by the Liquidator, he is at liberty to initiate suit or legal proceedings with prior approval of this Adjudicating Authority, but this direction shall not apply to legal proceedings in relation to such transactions as m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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