Approval of Liquidation Application for Western India Metal Processors Ltd.

The application for liquidation under section 33 of the Insolvency & Bankruptcy Code, 2016 was allowed. The Tribunal ordered the commencement of the liquidation process for the Corporate Debtor, Western India Metal Processors Ltd. Mr. Ajay Gupta was appointed as the Liquidator, with directions to advertise the liquidation, notify relevant authorities, and seek necessary approvals during the process. The decision highlighted the absence of assets and lack of interest from prospective resolution applicants, leading to the approval of liquidation.

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Issues:
1. Application for liquidation under section 33 of the Insolvency & Bankruptcy Code, 2016.

Detailed Analysis:
The judgment pertains to an application submitted under section 33 of the Insolvency & Bankruptcy Code, 2016, seeking an order of 'Liquidation' of the Corporate Debtor, Western India Metal Processors Ltd. The Committee of Creditors had approved the liquidation in a meeting held on 31.08.2019. The application was filed by Mr. Ramesh Bhosale, the Resolution Professional of the Corporate Debtor, after it was noted that no Expression of Interest (EoI) had been received from any Prospective Resolution Applicant (PRA) within the stipulated 180-day Corporate Insolvency Resolution Process (CIRP) period. The RP sought cooperation from the erstwhile management and suspended Board of Directors, highlighting the absence of any assets in the Corporate Debtor's books of accounts.

The Tribunal's decision involved commencing the process of liquidation as per the provisions of the Insolvency & Bankruptcy Code from the date of the order. Mr. Ajay Gupta was appointed as the Liquidator in accordance with Section 34 of the Code. The RP was directed to advertise the liquidation in two newspapers, one in English and one in Marathi, and forward a copy of the order to the relevant authority where the Corporate Debtor is registered. The Liquidator was granted the authority to seek directions from the Tribunal during the liquidation process and represent the Corporate Debtor before government authorities if required. The application for liquidation under section 33(1)(a) was allowed, and the order was issued accordingly.

Overall, the judgment addresses the application for liquidation under the Insolvency & Bankruptcy Code, detailing the procedural steps and appointments necessary for the commencement of the liquidation process for the Corporate Debtor, Western India Metal Processors Ltd.

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