TMI Blog2022 (1) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... n Professional as Liquidator. In view of the satisfaction of the conditions provided under Section 33 of the Code, the Corporate Debtor i.e. M/s. Sainsons Pulp and Papers Limited is directed to be liquidated in the manner as laid down in Chapter III of the Code. The Corporate debtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016 - Application allowed. - IA No. 212/2021 in CP (IB) No. 486/Chd/Hry/2019 - - - Dated:- 21-12-2021 - Harnam Singh Thakur, Member (J) And Subrata Kumar Dash, Member (T) For the Appellant : Harsh Garg and Pulkit Goyal, Advocates ORDER Subrata Kumar Dash, Member (T) IA No. 212/2021 1. The present application has been filed by Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm G, two Expression of Interests (EOI) were received and the RP had made a provisional list of resolution applicants. Later on, one prospective Resolution Applicant i.e. J.C. Flowers Asset Reconstruction withdrew its Expression of Interest. In the 5th meeting of CoC, the RP informed the CoC that the other prospective Resolution Applicant has also withdrawn their EOI and the agenda to discuss the publication of Form G was kept for discussion in the next meeting. The agenda for republication of Form G and for calling of Expression of Interest was discussed in the subsequent meetings of CoC. It is submitted that in the seventh meeting of CoC held on 30.12.2020, it was resolved to liquidate the Corporate Debtor in accordance with the provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate insolvency resolution process under Section 12 or the fast track corporate insolvency resolution process under Section 56, as the case may be; and iii. if does not receive a resolution plan under sub-section (6) of Section 30. 5. In the present case, the Resolution Professional has published the Form G inviting the Expression of Interest (EOI) on 03.09.2020. Thereafter, few prospective Resolution Applicants have come forward showing their interest. However, both of the PRA(s) have withdrawn their EOI before submission of resolution plans. In the 7th meeting of CoC held on 30.12.2020, the CoC has decided to liquidate the Corporate Debtor by passing a resolution in the aforesaid meeting and further resolved to appoint R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e following order:- i. The Corporate debtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016; ii. Since the RP has given his consent to act as Liquidator, therefore, Mr. Manjul Mittal bearing Registration No. IBBI/IPA-001/IP-P00061/2017-18/10139, resident of c/o. Manjul Bhawan, B-I/596, Punchayati Mandir Street, Barnala, Punjab, Mobile No. 9814880802, e-mail: irp.sainsonspulp@gmail.com is hereby appointed as liquidator; iii. The liquidator is directed to take custody and control of the assets, property of the Corporate Debtor with immediate effect and made a public announcement clearly stating that the Corporate Debtor is under Liquidation in terms of Regulation 12 of the Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the Liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in Section 33(5) of the Code read with its proviso. x. That all the powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator; xi. That the personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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