TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Tribunal orders liquidation of M/s Forging Pvt Ltd, appoints Resolution Professional as Liquidator.</h1> <h3>Sajeve Bhushan Deora Versus Forings (P.) Ltd.</h3> Sajeve Bhushan Deora Versus Forings (P.) Ltd. - TMI Issues involved:Application for liquidation of corporate debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016.Analysis:1. Background and Admission of Application:The application was filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, M/s Forging Private Limited. The application stemmed from an earlier application filed by the sole financial creditor, Indiabulls Housing Finance Limited, which was admitted by the tribunal, appointing an Interim Resolution Professional.2. Resolution Process and Meetings:Following the admission of the application, various steps were taken in accordance with the regulations, including the appointment of a Resolution Professional after the first meeting of the Committee of Creditors (CoC). The Resolution Professional confirmed that there was only one financial creditor, Indiabulls Housing Finance Limited, constituting the CoC. Subsequently, valuers were appointed to determine the fair value and liquidation value of the corporate debtor's assets.3. Expression of Interest and Resolution Plan:Despite inviting Expression of Interest and receiving responses from four parties, no resolution plan was submitted within the stipulated time frame. The corporate debtor was found to lack any ongoing business or employees, primarily comprising unused factory land, buildings, and advances recoverable from related parties.4. Decision for Liquidation:In the absence of a viable resolution plan and due to the expiry of the statutory Corporate Insolvency Resolution Process period, the CoC unanimously decided in a meeting to recommend the corporate debtor for liquidation. The Resolution Professional expressed willingness to act as the liquidator, leading to the order for liquidation under Section 33 of the Code.5. Directions for Liquidation Process:The tribunal ordered the liquidation of the corporate debtor, appointing the Resolution Professional as the Liquidator. Various directions were issued, including the issuance of a Public Announcement, communication to relevant authorities, initiation of a fresh Moratorium, investigation of financial affairs, submission of a Preliminary Report, and dissemination of the order to concerned parties.6. Conclusion and Disposal of Application:The judgment concluded by disposing of the application, directing necessary steps to be taken by the financial creditor, corporate debtor, and the Liquidator. The detailed directions outlined the process for liquidation in accordance with the Insolvency and Bankruptcy Code and relevant regulations.This comprehensive analysis of the judgment highlights the procedural aspects, decision-making process, and the subsequent directions issued for the liquidation of the corporate debtor, emphasizing compliance with the statutory framework and regulatory requirements.
TaxTMI 