TMI Blog2021 (9) TMI 680X X X X Extracts X X X X X X X X Extracts X X X X ..... dvocate ORDER Narender Kumar Bhola, Member (T) 1. The present Application is filed by the Applicant under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (the Code) seeking liquidation of the Corporate Debtor. 2. This Tribunal by order dated 17.09.2019 admitted the captioned Petition under Section 9 of the Code and initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. Mr. Anurag Jain, the Applicant herein, was appointed as the Interim Resolution Professional (IRP). 3. The IRP made a public announcement on 13.10.2019 inviting claims from the creditors of the Corporate Debtor and upon receipt of the claims, constituted the Committee of Creditors (CoC). 4. In the 1st meeting of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of the Corporate Debtor. The CoC requested the Applicant to put the agenda for liquidation of the Corporate Debtor in the next meeting. 7. In the 3rd meeting of the CoC held on 14.06.2021 (adjourned to 17.06.2021), the suspended director of the Corporate Debtor, Mr. Prakash Chandan, intervened and requested the CoC to rethink upon the decision to liquidate the Corporate Debtor. However, the CoC unanimously rejected the said request and resolved to liquidate the Corporate Debtor and appoint Mr. Ashish Vyas as the liquidator. The relevant extract of the Resolution is as below: RESOLVED THAT the consent of the Committee of Creditors be and is hereby accorded to approve the liquidation of the Corporate Debtor under Section 33(2) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Board of Directors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. f) The Liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code read with the Regulations. g) Personnel connected with the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as will be required for managing its affairs. h) This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. i) The Liquidator is directed to send a copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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