TMI Blog2021 (10) TMI 1037X X X X Extracts X X X X X X X X Extracts X X X X ..... III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 - Application allowed. - IA No. 210/2020 in Company Petition No. (IB) 128/ALD/2019 - - - Dated:- 6-10-2021 - Dr. Deepti Mukesh, Member (J) And Sumita Purkayastha, Member (T) For the Appellant : Abhishek Anand, Advocate For the Respondents : Imtiyaz, Advocate ORDER Sumita Purkayastha, Member (T) 1. This is an application filed by Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the Code ) for issuance of directions for liquidation of the Corporate Debtor, KK Milk Fresh India Ltd. and also for the appointment of the Liquidator thereof. 2. This Benc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... As was issued but in the 6th meeting of COC which convened on 17.03.2020, the applicant appraised the CoC that the CIRP of 180 days is going to expire and PRAs have not submitted the Resolution Plan till the last date given by the Applicant and also apprised the fact that some other PRAs has approached the Applicant to submit the EOI. Pursuant thereto it was decided by the Members of COC to call for a fresh invitation for EOI by publishing Form-G thus the Resolution for extension of CIRP by 90 days was approved. 7. Thereafter, fresh EOI was published by the CoC in which the last date for submission of EOI was 11.07.2020. Further in the 8th meeting of COC, the applicant brought before the CoC that the eligible provisional list of Prospect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an application under Section 33 of IBC to seek permission of this Adjudicating Authority for liquidation of Corporate Debtor shall be filed and it was resolved as: Post detailed discussions and deliberations, the unanimous view of CoC members emerged that no alternative was available excepting for proposing liquidation of the corporate debtor, considering that 270 days of CIRP are expiring on 29.08.2020. Accordingly, the COC unanimously advised RP to file an application for liquidation of the CD before the Hon'ble NCLT and decided to appoint RP as the liquidator for the corporate debtor. Whereupon, RP apprised that the resolution to this effect will be placed be before CoC for approval through voting u/s. 33 (2) of the code, to wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India Ltd., stands liquidated and the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter-III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017. 13. Further as the CoC have decided to confirm the RP who was conducting the CIRP, to be appointed as the Liquidator, who has given consent in Form-AA to act as a Liquidator. Accordingly, Chanchal Dua IBBI No. : IBBI/IPA-003/IP-N00083/2017-18/10821 is be and hereby appointed as Liquidator in terms of Section 34(1) of the Code, with the following directions: (a) The liquidator to issue public announcement stating that the Corporate Debtor is i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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