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TMI Blog2022 (5) TMI 1209X X X X Extracts X X X X X X X X Extracts X X X X ..... aterford Hospitality and Infra limited (hereinafter referred to as "Corporate Debtor") by this Adjudicating Authority. 2. The gist of the application in brief are:- 2.1. The Operational Creditor i.e., Shri. P Raghava Rao has filed a Petition under Section 9 of the Code vide number CP (IB) No. 251/9/HDB/2020 for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The said Petition was admitted by this Adjudicating Authority vide order dated 22.02.2021 and appointed Shri. Pradeep Kumar Sravanam, the applicant herein as Interim Resolution Professional (IRP). 2.2. Pursuant to the Publication of notice inviting claims from the creditors of the Corporate Debtor, the IRP constituted the first COC meeting and CO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Liquidator as per the Regulation 39D of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, as Rs. 3,50,000/- 3. We have heard the Learned Counsel for the Applicant/RP, perused the record and noted that no viable plans has been received till the last date of submission of EoIs. 4. It is noted from the resolution passed by the COC members that Shri. Pradeep Kumar Sravanam, the applicant herein, having IP No. IBBI/IPA-003/IP-N000100/2017-2018/11009, is proposed as the Liquidator and his written consent for acting as the Liquidator for the Corporate Debtor has been given on 21.12.2021. 5. We are fully conscious of the fact that the primary object of the Code is resolution and l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions as may be notified by the Central Government in consultation with any financial sector regulator. F. All the 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 as envisaged under Sections 35 to 50 and 52 to 54 of the Code read with the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. H. Personnel connected with the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as would be required for managing its affairs. I. The Liquidator shall be entitled to such fees as may be specified by the Board in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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