TMI Blog2022 (5) TMI 916X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. This is an application filed under Section 33(2) read with 60(5) of the Insolvency and Bankruptcy Code, 2016) seeking relief as follows : (i) To pass an order of Liquidation of the Corporate Debtor Viz, Freeworld Exports Private Limited under Section 33(2) of I B Code, 2016 as unanimously resolved in the 8th CoC Meeting dated 08.01.2022 as per Chapter III of the Insolvency and Bankruptcy Code, 2016 and the Regulations framed thereunder. (ii) Appoint Mr. Tharuvai Ramachandran Ravichandran as the Liquidator of the Corporate Debtor Viz, Private Limited as resolved in the 8th CoC Meeting dated 08.01.2022. (iii) Pass such further or orders which this Hon'ble Tribunal may deem fit and proper in the circumstances of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riod of lockdown for 153 days from 01.09.2020 till 31.01.2021 and corresponding extension of CIRP period till 30.07.2021 as 180th day of CIRP period, in view of the novel COVID-19 outbreak. Thereafter, the CoC with a voting of 61.94 % resolved to file a fresh application before this Tribunal by way of an application bearing IA/480/CHE/2021. 6. The Applicant has further averred that an application MA/70/CHE/2021 was filed seeking exclusion of 37 days lost due to late receipt of CIRP order and the same was allowed by this Tribunal vide its order dated 30.07.2021. He has further stated that the Tribunal vide its order dated 28.09.2021 made in IA/883/CHE/2021 extended the period of CIRP for a further period of 90 days upto 09.01.2022 based o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uary 2022 12 Noon. Only one Financial Creditor voted the resolution and 3 financial creditors holding 14.36% did not vote. The resolution was approved by the members of the CoC with 85.64% voting. The above Resolution is reproduced hereunder: RESOLVED to liquidate Freeworld Exports Private Limited under Section 33(1) and other applicable provisions of the IBC, 2016 as no resolution plan was received despite publication of Invitation of EoI twice in Newspapers and also the maximum period (inclusive of exclusion and extension period) permitted for completion of the Corporate Insolvency Resolution process is Jan 09, 2022 AND RESOLVED FURTHER THAT an application be made to NCLT, Chennai to liquidate Freeworld Exports Private Limited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as amended upto date enjoined upon her. b) The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/employees and workers of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge. c) The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to preferential transactions/undervalued transactions and such other like transactions including fraudulent preferences and file suitable application before this Adjudicating Authority. d) The Registry is directed to communicate this order to the Registrar of Companies, Chennai and to the Insolvency and B ..... X X X X Extracts X X X X X X X X Extracts X X X X
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