2018 (10) TMI 775

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....vate Limited, for the reason of non-receipt of any Resolution Plan to takeover the stressed assets of the corporate debtor. 2. CP(IB) No. 643/KB/2017 was filed by Small Industries Development Bank of India (In short, SIDBI)/financial creditor u/s. 7 of the I & B Code, 2016 for initiating Corporate Insolvency Resolution Process (In short, CIRP) in respect of Bajrangbali Alloys Private Limited/corporate debtor. Vide Order dated 15/02/2018 the application was allowed by appointing Mr. Pinaki Sircar, Insolvency Professional as an Interim Resolution Professional (In short, IRP). His appointment was thereafter confirmed as Resolution Professional (In short, RP) by the Committee of Creditors (In short, CoC) in the meeting held on 15/03/2018 and R....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssets of the company are situated. (e) If granted, liquidation of the company would ensure speedy sale of the remaining assets of the company while there is still value attached to it and the land could be utilised in due course for other productive purposes in the best interest of the local environment. (f) The liquidation of the company under the present circumstances does not prejudice any one, as the entity is non-function as on the date and the only two financial creditors have themselves consented to the liquidation. There are no claims from any operational or other creditor or workmen or employee, apart from the two financial creditor and no proceeding initiated by any operational or other creditor or workmen or employee as per t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ce he expressed his consent the RP is to be appointed as the liquidator. 8. In the result the application is allowed by ordering liquidation of the corporate debtor, namely, Bajrangbali Alloys Private Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016, upon the following among orders:- (a) Shri Pinaki Sircar is appointed as Liquidator; (b) Shri Pinaki Sircar is directed to issue Public Announcement stating that the corporate debtor is in liquidation, in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; (c) The Registry is directed to communicate this Order to the Registrar of Companies, West Bengal and to the Insolvenc....