TMI Blog2021 (8) TMI 943X X X X Extracts X X X X X X X X Extracts X X X X ..... tion under Section 33(2) of the IBC, 2016. The Corporate Debtor, M/s Nova Steels (India) Limited is ordered to be liquidated with immediate effect under Section 33(2) of IBC, 2016 - Application allowed. - IA (IB) 12/CB//2021 in CP (IB) No. 163/CTB/2019 - - - Dated:- 10-8-2021 - Rajasekhar V.K., Member (J) And Satya Ranjan Prasad, Member (T) For the Appellant : Santha Kumar S., Resolutional Professional ORDER Rajasekhar V.K., Member (J) 1. This IA has been filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional in the matter of M/s Nova Steels (India) Limited making the following prayers:- a) Pass an order for commencement of the Liquidation process under Section 33 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is further stated that in the third CoC meeting held on 16.01.2021, it was discussed that the Corporate Debtor has no value in the books of accounts and has no assets to its name (both fixed and current). There is no business by the Corporate Debtor as on date and hence the Corporate Debtor defaulted to make payment to the Operational Creditor. There is no value of the Corporate Debtor in the books of accounts and the invitation of the Resolution Plan would be futile exercise and waste of time and money. In view of the same, a resolution was passed by the CoC with approval from the Operational Creditor that direct Liquidation process may be commenced without going through CIR Process as the same is of no significance in the present circ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 33(2) of the IBC, 2016. 8. For the aforesaid reasons, IA (IB) 12/CB/2021 is ALLOWED with the following order:- ORDER (i) The Corporate Debtor, M/s Nova Steels (India) Limited is ordered to be liquidated with immediate effect under Section 33(2) of IBC, 2016. (ii) The Resolution Professional Mr. Santha Kumar S. (Registration No. IBBI/IPA-001/IP-P00930/2017-2018/11549) Resolution Professional of M/s Nova Steels (India) Limited having its registered office at SR. MIG No. 49 Parijat Extension, Nehru Naga Bilaspur - 45 001, Chhattisgarh is hereby appointed as Liquidator of the Corporate Debtor, since he has given his consent to be so appointed. This appointment is subject to his possessing a valid Authorisation for Assi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... viso. (viii) In accordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except to the extent of the business of the Corporate Debtor continued during the liquidation process by the liquidator. (ix) In terms of Section 33(1)(b)(iii), the Liquidator shall file a copy of this Order with the Registrar of Companies, Chhattisgarh, Bilaspur, within whose jurisdiction the Corporate Debtor is registered. Additionally, the Registry shall also forward a copy of this Order to the Registrar of Companies, Chhattisgarh, Bilaspur. (x) The application bearing IA (IB) No. 12/CB/2021 shall stand disposed of in accordance with th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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