9911796707
TMI Blog2021 (9) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... 3/02/2021, i.e., the date the CoC in their commercial wisdom has decided to liquidate the Corporate Debtor u/s. 33 of the Code as well as on account of lockdown due to COVID-19 pandemic. 3. Ld. Authorised Representative appearing on behalf of the RP submits that the Corporate Debtor was admitted under CIRP vide order dated 08/11/2019. Public announcement was made on 25/11/2019 in "Financial Express" (English) and "Ekdin" (Bengali) and the Committee of Creditors ("CoC") was formed in compliance of the provisions of section 18(1)(c) of the Code comprising of Union Bank of India and Punjab National Bank (erstwhile Oriental Bank of Commerce). 4. In compliance of regulation 36(1) of IBBI (Insolvency Resolution Process for Corporate Persons) Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n view of the facts stated above seeking following relief: (a) An order requiring the Corporate Debtor, viz., RAA International Limited (CIN: U72900WB2000PLC091121) be liquidated in the manner as laid down in Chapter III of the Insolvency and Bankruptcy Code, 2016; (b) To direct the CoC to pay the CIRP cost before proceeding with the liquidation and to provide the liquidator appointed with some funds as advance to undertake the liquidation process; (c) To appoint a Liquidator for conducting the liquidation of the Corporate Debtor under the Insolvency and Bankruptcy Code in terms with section 34; (d) Any other order or directions as this Tribunal may deem fit. 9. We have considered the submission made by the Ld. Authorised Represent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruptcy Board of India (Liquidation Process) Regulations, 2016. (iv) Public Notice shall be issued in the same newspapers as was done during the CIRP process, i.e., "Financial Express" (English) and "Ek Din" (Bengali) stating that the Corporate Debtor is in liquidation. (v) All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liquidator. (vi) The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. (vii) On initiation of the liquidation process but subject to section 52 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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