TMI Blog2019 (10) TMI 1452X X X X Extracts X X X X X X X X Extracts X X X X ..... ternative except passing an order of liquidation requiring the Corporate Debtor/ Taksheel Solutions Limited to be liquidated in the manner laid down in Chapter 3 of Part 2 of the Insolvency and Bankruptcy Code, 2016. The Application is allowed and Corporate Debtor Taksheel Solutions Limited is ordered to be liquidated. - l.A. NO. 837 OF 2019 IN CP (IB) NO. 63/9/HDB/2019 - - - Dated:- 31-10-2019 - Hon ble Shri Ratakonda Murali, Member (Judicial) and Hon ble Shri Narender Kumar Bhola, Member (Technical) For the Applicant: Shri V.V.S.N. Raju along with Ms. K. Shreya, Advocates ORDER PER: SHRI NARENDER KUMAR BHOLA MEMBER (TECHNICAL) 1. Under consideration before us is the interlocutory application filed by Applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vely. A copy of the Minutes of the First Meeting of the CoC is annexed and marked as Annexure III . 5. In the Second Meeting of the CoC held on 27 May, 2019 and 28 May, 2019, the CoC unanimously appointed Smt Manjula Sistla as Resolution Professional. The CoC also appointed Mr. K. Dhanapathi Rao and Mr. G.S. Mittal as the Registered Valuers. The Copy of the Minutes of the Second Meeting of the CoC is annexed and marked as Annexure IV . 6. The CoC in its Third Meeting of the Committee of Creditors held on 20 June, 2019 and in the Fourth Meeting of the Committee of Creditors held on 27 June, 2019 discussed the eligibility criteria for Expression of Interest. The Copy of the Minutes of the Third Meeting of the CoC and the Fourth Me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lution Professional informed the Tribunal that in the 5th CoC meeting held on 13.09.2019 18.09.2019, the members of CoC with 100% voting share approved for liquidating the Corporate Debtor Company. 11. Section 33 of Insolvency and Bankruptcy Code, 2016 read as follows: (1) Where the Adjudicating Authority, - (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hu Babu Gunturu, Registration No. IBBI/IPA-002/IP-N00025/2016- 17/10053 as Liquidator. The proposed Liquidator has given his consent for appointing him as a liquidator. ORDER 14. In the result, the Application is allowed and Corporate Debtor Taksheel Solutions Limited is ordered to be liquidated. 15. The Liquidator is directed to proceed with the process of liquidation in manner laid down in Chapter III of Part 2 of the Insolvency and Bankruptcy Code, 2016 by following the liquidation process given in IBBI (Liquidation Process) Regulations, 2016. 16. All powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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