TMI Blog2022 (6) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... - 9-6-2022 - Bhaskara Pantula Mohan, Member (J) And Dr. Binod Kumar Sinha, Member (T) For the Appellant : Mummaneni Vazra Laxmi, RP ORDER 1. The instant Application is filed by the Resolution Professional of M/s. PVK Engineers Private Limited/Corporate Debtor under Section 33(1)(a) r/w Section 34 of the Insolvency and Bankruptcy Code, 2016, for short IBC/Code , seeking- i. To liquidate the Corporate Debtor/M/s. PVK Engineers 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 C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and approved for Liquidation of the Corporate Debtor and directed the Applicant/RP to file an application before the Adjudicating Authority. a) To Liquidate the Corporate Debtor: Resolved that pursuant to the provisions of Section 33(2) and Explanation provided there under of the Insolvency and Bankruptcy Code, 2016 to reduce further cost, to Liquidate the Corporate Debtor and further 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 co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting Authority did not receive any Resolution Plan under Sub-Section (6) of Section 30 of the I B Code, 2016, and this Adjudicating Authority deems it proper to allow the Application bearing IA No. 423/2022. Accordingly, in exercise of powers conferred under Sub-Clause (i), (ii) and (iii) of Clause (b) of Sub-Section (1) of Section 33 of the I B Code, 2016, we proceed to pass the Order as follows:-- i. This Adjudicating Authority hereby order for Liquidation of M/s. PVK Engineers 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 consen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia (Liquidation Process) Regulations, 2016. viii. The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Company Liquidator as may be required by her in managing the affairs of the Corporate Debtor. ix. The Liquidator shall keep in view of the provisions of Regulation 32A of IBBI (Liquidation Process) Regulations, 2016 and shall endeavour to first sell the Corporate Debtor or its business as a going concern. However, if she is unable to sell the Corporate Debtor or 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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