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TMI Blog2022 (1) TMI 514X X X X Extracts X X X X X X X X Extracts X X X X ..... ading to the Application are as under. a. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by this Tribunal vide order dated 27.08.2019 upon admission of a Petition under Section 7 of the Code and Applicant was appointed as the Interim Resolution Professional. b. The IRP made a public announcement for inviting claims from the creditors of the Corporate Debtor on 14.09.2019. After receipt of the claims, the IRP constituted the Committee of Creditors (CoC) of the Corporate Debtor and in 1st CoC meeting held on 10.10.2019 the IRP was confirmed as Resolution Professional (RP) for the Corporate Debtor. c. In the meantime, 2nd CoC meeting was held on 14.11.2019, wherein Mr. Modilal Pamecha and Mr. S.P. Da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Debtor will required to be liquidated. g. The resolution for liquidation was approved by the CoC in its 4th meeting with 100% voting share and the said resolutions are as below: "RESOLVED THAT the CoC recommends Liquidation under Section 33 of IBC 2016 r.w. Regulation 39C of IBBI (CIRP) Regulations 2016 as amended on 25.07.2019 for sale of Corporate debtor as going Concern and thus authorise RP for submission of application to NCLT be and is hereby Approved" Resolved that Mr. Ravindra Chaturvedi, Resolution Professional be and is hereby appointed to act as Liquidator of the Company for a Consideration at 50% of the fees as per Regulation 4(2)(b) of the IBBI (Liquidation Process)(Amendments) Regulations 2016 (amended on 25.7.19) sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) Where the resolution plan approved by the Adjudicating Authority is contravened by the concerned corporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected by such contravention, may make an application to the Adjudicating Authority for a liquidation order as referred to in sub-clauses (i). (ii) and (iii) of clause (b) of sub-section (1). (4) On receipt of an application under sub-section (3), if the Adjudicating Authority determines that the corporate debtor has contravened the provisions of the resolution plan, it shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1) (5) Subject to section 52, when a liquidation order has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mittee recommends sale as a going concern, if shall identify and group the assets and liabilities, which according to its commercial considerations, ought to be sold as a going concern-under clause (e) or clause (f) of regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (3) The resolution professional shall submit the recommendation of the committee under sub-regulations (J) and (2) to the Adjudicating Authority while filing the approval or decision of the committee under section 30 or 33, as the case may be. " 6. It is noted that in the same CoC meeting members resolved not to consider the RP as Liquidator, therefore this bench appoints Mr. Kamal Kishor Gurnani, Registration No. IBBI/IP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions. c) The Liquidator shall issue public announcement stating that the Corporate Debtor is in liquidation. d) The Moratorium declared under section 14 of the Code shall cease to operate here from. e) Subject to Section 52 of the Code no suit or other legal proceedings shall be instituted by or against the Corporate Debtor. This shall however not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. f) All powers of the Board of Directors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. g) The Liquidator shall exercise the powers and perform duties ..... X X X X Extracts X X X X X X X X Extracts X X X X
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