TMI Blog2022 (9) TMI 541X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor is in liquidation with a direction to the Liquidator to send this order to the ROC under which this Company has been registered - this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator - application disposed off. Seeking change of Resolution Professional as Liquidator - Section 60(5) of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- This Bench is therefore of the considered view that the provisions of Section 34(4) are mandatory in nature and if not complied with, another Liquidator cannot be appointed. Hence, the Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor by this Tribunal vide this Order. 3. Counsel for the Applicant submits that the period of 180 days from 06.12.2019 was concluding on 02.06.2020. However, in light of lockdown imposed by the Central Government in view of COVID-19 outbreak on 25.03.2020, the period from 25.03.2020 till relaxation of the lock-down was automatically excluded from the time line. The inter-district travel was restricted till 09.09.2020, and was partially relaxed thereafter. After exclusion of lock down period i.e 219 days, the period of 180 days was concluded on 10.01.2021. 4. The Applicant submits that, Form-G was published on 24.02.2020 for invitation of Expression of Interest (EOI). Later on, fresh Form-G was published by the RP for invitati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0% majority, decided to liquidate the Corporate Debtor and relying on the settled principle of law regarding the Commercial Wisdom of the COC. 8. I.A. 1237/2021 filed by the Applicant/ RP for Liquidation of the Shree Ganesh Stampings Private Limited. 9. Mr. Fanendra Munot, having Registration No. IBBI/IPA- 001/IP-0515/2017-18/10916 is hereby appointed as the Liquidator as provided under Section 34(1) of the Code. 10. That the Liquidator for conduct of the liquidation proceedings would be entitled to the fees as provided in Regulation 4(2)(b) of the IBBI (Liquidation Process Regulations), 2016. 11. The Liquidator appointed in this case to initiate liquidation process as envisaged under Chapter-III of the Code by following the liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator. With the above directions, this application being I.A. No. 1237 of 2021 is hereby allowed and disposed of. I.A. 862/2022 1. The above Application is filed under Section 60(5) of Insolvency and Bankruptcy Code, 2016 by Applicant (Ahmednagar Merchant s Co-operative Bank Limited) for seeking change the Resolution Professional as Liquidator. 2. The Applicant submits that the Resolution of the Corporate Debtor could not be achieved. Therefore, resolution for liquidation of Corporate Debtor was passed in one of the meetings of Committee of Creditors wherein resolution for appointment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Adjudicatory Authority in specified form,] act as the liquidator for the purposes of liquidation unless replaced by the Adjudicating Authority under subsection (4). (2) On the appointment of a liquidator under this section, all powers of the board of directors, key managerial personnel and the partners of the corporate debtor, as the case may be, shall cease to have effect and shall be vested in the liquidator. (3) The personnel of the corporate debtor shall extend all assistance and cooperation to the liquidator as may be required by him in managing the affairs of the corporate debtor and provisions of section 19 shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process with the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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