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TMI Blog2021 (8) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... . M/s. Tag Info Solutions India Pvt. Ltd. under Section 33(2) of IBC, 2016 and pass such other and further orders as this Tribunal may deem fit and proper in the facts and circumstances of the case. 2. In Section 7 application filed by the Financial Creditor against the Corporate Debtor viz., M/s. Tag Info Solutions India Private Limited, this Tribunal vide order dated 05.08.2019 passed in CP/1487/IB/2018 initiated the Corporate Insolvency Resolution Process (CIRP) in relation to the Corporate Debtor and appointed the Applicant herein as Interim Resolution Professional (IRP). 3. It is averred in the application that pursuant to the Applicant being appointed as IRP, he caused Public Announcement under Section 15 of IBC, 2016 in Form-A on 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 33(2) of I&B Code, 2016 along with necessary documents to Adjudicating Authority to initiate the liquidation process against the Corporate Debtor." Further Resolved that Mr. Deepak Narayanan, Legal counsel be an is hereby authorized to appear before the Adjudicating Authority for the application to be filed under Section 33(2) of I&B Code, 2016. Further Resolved that the costs which will incur for filing of the application and professional fees will be borne by the Financial Creditors proportionately and it will be included in the claim of the Financial Creditors in the liquidation process." 6. Further it is also seen, after the 7th CoC meeting held on 20.04.2021 an order was passed by this Adjudicating Authority on 13.04.2021, in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion to the Application from the Promoters of the Corporate Debtor and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. 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. The Applicant has also filed Authorization for Assignment (AFA) in Form - B issued by the Indian Institute of Insolvency Professionals of ICAI. 9. In the circumstances, Mr. Vasudevan Navneeth (IBBI/IPA-001/IP-P01048/2017-2018/11731) is appointed as the Liquidator of the Corporate Debtor to carry out the liquidation process subject t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy Code shall commence. 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. h) The Liquidator is directed to investigate the financial 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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