TMI Blog2020 (2) TMI 1561X X X X Extracts X X X X X X X X Extracts X X X X ..... he case in hand. With the above said observations, all these applications are to be disposed of. Thus, no resolution plan is forthcoming to resolve the stressed assets of the Corporate Debtor there is no other alternative than to pass an order of liquidation requiring the Corporate Debtor to be liquidated in the manner as laid down in Chapter 3 read with Section 33(1)(a) of the Code. Mr.Kannan Tiruvengadam has given written consent to continue as the Liquidator and hence he is to be appointed as the Liquidator. The Corporate Debtor has been ordered to be liquidated - Application allowed. - CP (IB) No. 513/KB/2018, CA (IB) No. 1713, 1721, 1723, 1725, 1731, 1833/KB/2019 - - - Dated:- 3-2-2020 - Jinan K.R., Member (J) and Harish Chan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... el Co. Limited. Out of the above said prospective Resolution applicant Jindal Stainless (Hissar) Limited and Rimjhim Ispat Limited reached upto the final round. According to the Resolution Professional, the Committee of Creditors effectively negotiate with the prospective Resolution applicants, so as to maximize resolution amount. However, the Jindal Stainless (Hissar) Limited plan being found not in compliance with Section 30(2) of the Code and the RFRP issued by the Committee of Creditors. 3. The Committee of Creditors proceeded with the modified plan submitted by the Rimjhim Ispat Limited. The revised plan of Rimjhim Ispat Limited was considered by the Committee of Creditors in 13th CoC meeting held on 9th January, 2020. The members o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proval of the resolution plan. 5. In view of the above said circumstances, the Resolution Professional prepared this Final Progress Report praying for passing an order under section 33(1)(a) read with Section 33 (1)(i) of IB Code, 2016 requiring the corporate debtor to be liquidated in the manner as laid down in the Chapter 3 of the Code. 6. Upon hearing the Final Progress Report submitted by the Resolution Professional, some of the Operational Creditors pressed their applications for hearing. The learned counsel appearing for the Operational Creditors, who moved applications being CA No. (IB) No. 1721/KB/2019, CA No. (IB) No. 1723/KB/2019, CA No. (IB) No. 1725/KB/2019.CA No. (IB) No. 1731/ KB/ 2019, CA No. (IB) No. 1833/ KB/ 2019 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n No. IBBI/IPA-001/IP-P00 253/2017-2018/10482 is appointed as the Liquidator and act in accordance with Rule 12 of Liquidation Process Regulation, 2016 and submit the preliminary Report as per Regulation 13 of the said Code. ii. The Registry is directed to communicate this order to the Registrar of Companies, West Bengal and to the Insolvency and Bankruptcy Board of India. iii. The order of Moratorium passed under section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. iv. This order shall be deemed to be a notice of discharge of the Officers, employees and the workmen of the Corporate Debtor as per Se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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