TMI Blog2021 (5) TMI 1012X X X X Extracts X X X X X X X X Extracts X X X X ..... been exercised by the CoC after taking into count all the factors leading to maximisation of asset value of the Corporate Debtor, but the ultimate discretion of what to pay and how to pay each class or sub-class of creditors lies with the CoC. The Corporate Debtor is allowed to be liquidated - application allowed. - IA/268(AHM)2021 in CP(IB) 482 of 2019 - - - Dated:- 5-5-2021 - Hon ble Ms. Manorama Kumar, Member Judicial And Hon ble Mr. Chockalingam Thirunavukkarasu, Member Technical ORDER Mr. Arjun Padiyar, Advocate appeared on behalf of Mr. Atul Shama, Advocate for the Applicant. (1) The instant application is filed under section 33 of the IB Code, 2016. (2) It is a matter of record that the C.P. (I.B) No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pay and how to pay each class or sub-class of creditors lies with the CoC. (6) Under the facts and circumstances as narrated above, we pass the following orders: (a) The moratorium declared under Section 14 of the IB Code shall cease to have effect from the date of the order of liquidation. (b) The Liquidator is further directed to issue public announcement stating that the Corporate Debtor is in liquidation. (c) The Liquidator is required to send certified copy of this order to the authority with which the Corporate Debtor is registered. (d) Subject to Section 52 of the IB Code, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e this order with immediate effect to the concerned Registrar of Companies, registered office of the Corporate Debtor and Company Liquidator for information and compliance (7) Accordingly, the application so filed by the RP is allowed and in the circumstances, the Adjudicating Authority passes an order for liquidation of the Corporate Debtor under Section 33 of the IB Code, 2016. The COC in its 8th meeting resolved to appoint RP as Liquidator. Hence, RP, Mr. Dharit Kishorbhai Shah having Registration Number IBBI/IPA-001/IP-P00993/2017-18/11640 is appointed as the Liquidator for the purpose of liquidation of the Corporate Debtor. (8) Accordingly, the instant IA stands disposed of with the above observations - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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