TMI Blog2022 (6) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... ty hereby appoint Mr. Anil Seetaram Vaidya as Liquidator as resolved by CoC. Application allowed. - CA No. 420 of 2021 in CP (IB) No. 246/09/HDB/2020 - - - Dated:- 9-6-2022 - Bhaskara Pantula Mohan, Member (J) And Dr. Binod Kumar Sinha, Member (T) For the Appellant : D. Raghavendar Rao, Advocate ORDER 1. The present Application bearing CA No. 420/2021 in CP(IB) No. 246/9/HDB/2020 is filed U/s. 33(2) of the I B Code, 2016 by Interim Resolution Professional inter-alia to:- a. Pass an order under section 33(2) of the Code allowing the liquidation of the Corporate Debtor. b. That this Adjudicating Authority be pleased to appoint Mr. Anil Seetaram Vaidya (IBBI/IPA-002/IP-N00067/2017-18/10145) as liquidator for und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd to await any resolution plans as per the timelines stipulated under the Code. However, the CoC has approved by 100% voting share to proceed with the liquidation of the Corporate Debtor directly instead of CIRP process, due to the lack of operations in the Corporate Debtor for more than 10 years and lack of feasibility to continue with the CIRP process. d. That the Corporate Debtor is not a functioning entity thereby the CoC in its 4th meeting held on 06.07.2021 unanimously resolved to go directly for liquidation. e. That the CoC members have also unanimously proposed Mr. Anil Seetaram Vaidya (IBBI/IPA-002/IP-N00067/2017-18/10145) to be appointed as the Liquidator. The consent form of the said proposed Liquidator is also filed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reby appoint Mr. Anil Seetaram Vaidya as Liquidator as resolved by CoC. He is directed to file his consent to act as Liquidator in the present case along with valid Authorisation for Assignment (AoA) within 7 days from date of this order. He 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 instituted by the Liquidator, on behalf of the Corporate Debtor, wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Insolvency and Bankruptcy Board of India (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 read with 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., Mr. Anil Seetaram Vaidya for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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