9911796707
TMI Blog2022 (6) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... s Private Limited; and ii. To appoint Mrs. Mummaneni Vazra Laxmi as the Liquidator of the Corporate Debtor. 2. This Adjudicating Authority, vide Order dated 29.10.2021 admitted the Company Petition bearing CP(IB) No. 106/7/HDB/2021 filed by M/s. Abhirama Steels Limited, for short "Financial Creditor" against M/s. PVK Engineers Private Limited, for short "Corporate Debtor" and initiated CIRP process by appointing Mrs. Mummaneni Vazra Laxmi as Interim Resolution Professional, who was later confirmed as Resolution Professional at the 1st COC Meeting held on 07.12.2021. 3. On assuming charge as Interim Resolution Professional, the Applicant took various steps/actions for completing the CIRP process. 4. The Applicant issued Form-G on 28.01. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urther resolved that the RP shall file necessary application or IA with Hon'ble NCLT, Hyderabad to liquidate the Corporate Debtor". b) Meeting Liquidation Cost as per Regulation 39B: "The member of COC with 100% voting informed that they will be remitted as per actual costs incurred as per Regulations". c) Regulation 39C Assessment of Sale as a going concern: "The COC Member with 100% voting informed that as there are no business operations in the Corporate Debtor Company therefore the sale of the Corporate Debtor as going concern is not suitable mode for sale of Corporate Debtor in liquidation and they are not recommending this type of sale". d) Regulation 39D-To fix the Fee and Out of Pocket Expenses to the Liquidator of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Private Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I & B Code, 2016; ii. This Adjudicating Authority hereby appoint Mrs. Mummaneni Vazra Laxmi as Liquidator as resolved by CoC. She has given her consent in Form-2 and holds AFA which is valid upto 10.11.2022. She shall issue a public announcement stating therein that the Corporate Debtor is in Liquidation; iii. The moratorium declared under Section 14 of the I & B Code, 2016, shall cease to have effect from the date of the order of Liquidation; iv. Subject to Section 52 of the I & B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its business within 90 days from liquidation commencement date, Liquidator shall proceed to sell the assets of the Corporate Debtor under clauses (a) to (d) of Regulation 32 of IBBI (Liquidation Process) Regulations, 2016. x. The Liquidator shall be entitled to charge such fee for conducting the Liquidation proceedings in accordance with the decision taken by the COC under Regulation 39D of IBBI (Insolvency Resolution Process Corporate Persons) Rules, 2016 r/w Regulation 4(1) of IBBI (Liquidation Process) Regulations, 2016. xi. Copy of this Order shall be sent to the concerned Registrar of Companies, RD, OL, Registered Office of the Corporate Debtor and Company Liquidator viz., Mrs. Mummaneni Vazra Laxmi for information and compliance. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
