2018 (3) TMI 572

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....017 was filed by the Canara Bank, the financial creditor to replace the Interim Resolution Professional with the applicant Mr. Nipan Bansal as the Resolution Professional. Vide order dated 25.09.2017, name of Mr. Nipan Bansal was forwarded to the IBBI for confirmation. After receiving confirmation from IBBI, Mr. Nipan Bansal was appointed as the Resolution Professional. 3. Admittedly the period of 180 days for completion of the resolution process as provided under Section 12 (1) of the Insolvency and Bankruptcy Code, 2016 (for brevity, the 'Code) expired on 08.01.2018. While monitoring the progress reports submitted by the Resolution Professional, Registrar of this Tribunal put up a note that the period of 180 days has expired and the Reso....

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....th this he has filed a copy of certificate of registration with Insolvency and Bankruptcy Board of India. 6. Accordingly, an order is passed in accordance with Section 33 of the Code for liquidation of the Corporate Debtor appointing Mr. Dinesh Kumar Seth as the Liquidator. The Liquidator shall issue public announcement to the effect that the Corporate Debtor is in liquidation and to intimate the same to Registrar of Companies, Punjab about this order. 7. The 'Liquidator' shall publish public announcement in accordance with Regulation 12 of the IBBI(Liquidation Process) Regulations, 2016 and in Form B of Schedule II of these Regulations within five days from today calling upon the stakeholders to submit their claims as on liquidation comm....

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....ll be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the liquidator; (iv) All the 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; and (v) 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 of the Code shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process ....