2018 (9) TMI 942

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....f the assets of the Corporate Debtor viz., M/s. Associated Cylinders and Accessories Private Limited that has been undergoing Corporate Insolvency Resolution Process (CIRP) since 10.01.2018 for a period of 180 days that has expired on 08.07.2018. This Application has been filed by the Applicant under Section 33(l)(a) of the I&B Code, 2016, whereas application has been filed on the basis of the decision of the CoCs to liquidate the Corporate Debtor, so the matter falls within the purview of Section 33(2) of the I&B Code, 2016. 2. CP/607/IB/CB/2017 was filed under Section 9 of the I&B Code, 2016 by the Operational Creditor viz., Mr. V. Manoharan & 31 Ors., which was admitted by this Bench vide Order dated 10.01.2018; the CIRP was initiated ....

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....Resolved and approved unanimously, Associated Cylinders and Accessories Private Limited, Chennai be liquidated and an Application be made to NCLT Chennai bench seeking their orders. Further Resolved that this CS Satyadevi RP be appointed as Liquidator subject to NCLT approval and is hereby authorized to make an application to NCLT Chennai Bench seeking orders under Section 33(l)(a) of the Insolvency and Bankruptcy Code, 2016." 7. Accordingly, the Resolution Professional has filed the Miscellaneous Application falling under Section 33(2) of the I&B Code, 2016, to liquidate the Corporate Debtor. 8. A perusal of the of the Minutes of the Meeting of CoCs dated 03.07.2018 reveals during the CIRP, the CoCs has decided to liquidate the Corpora....

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....in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. VI. This Order shall 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. VII. 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 with the Company Liquidator viz., Mrs. SatyadeviAlamuri. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I&B Code, 2016, ....