9911796707
TMI Blog2022 (9) TMI 1065X X X X Extracts X X X X X X X X Extracts X X X X ..... VRJ Traders Pvt. Ltd. 2. The facts in brief stated in the application is as under:- I. That, an application under section 10 of IBC, 2016 was filed by the Corporate Debtor (Hereinafter referred to as "CD") for initiation of Corporate Insolvency Resolution Process against itself which was admitted by this Hon'ble Tribunal vide order dated 22.12.2021 and the applicant i.e. Mr. Alok Kumar Kuchhal was appointed as Interim Resolution Professional in the matter and subsequently confirmed as Resolution Professional vide order dated 24.05.2022. II. That after appointment, the IRP had published the public announcement but till the last date submission of claims no claimant has come up and submitted their claim apart from one claimant who wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation. The extract of the resolution of 2nd COC meeting passed is as follows: "Resolved that in accordance with the provisions of Section 33(2) read with Relevant Regulations of 39 under Insolvency Resolution Process for Corporate Persons Regulations, the approval of the Committee of Creditors be and is hereby granted to liquidate the affairs of the company." "Resolved further that, the resolution professional be and is hereby authorized to communicate the decision of the committee of creditors to the Adjudicating Authority through filing of the relevant application on behalf of committee of creditors and further take appropriate actions in the matter as may be deemed appropriate." V. That, in the said meeting of Committee of Credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It would be just and fair for this Tribunal to pass the necessary directions on the application sought herein, which will allow the Applicant/RP to discharge its duties in accordance with law. VIII. That, in view of the facts as stated hereinabove, the applicant prayed for the following relief(s). a) Pass an order of initiation of liquidation of the Corporate Debtor i.e. VRJ Traders Private Limited. b) To confirm the appointment and fees of Mr. Alok Kumar Kuchhal, the present Resolution Professional as Liquidator. c) Pass any other order or further order of any nature, direction as this Tribunal may deem fit and proper in the facts and circumstances of the present case. 3. We have gone through the application filed by the applicant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directed to proceed with the process of liquidation in the manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 and in accordance with the relevant rules and regulations. g. The Liquidator shall follow up and continue to investigate the financial affairs of the Corporate Debtor in accordance with provisions of Section 35(1) of the Code. h. The liquidator shall also follow up the pending applications for their disposal during the process of liquidation including initiation of steps for recovery of dues of the Corporate Debtor as per law. i. The Liquidator shall submit Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as per Regulation 13 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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