2018 (10) TMI 1679

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....#39;) to pass an order inter alia for liquidation of the Corporate Debtor viz., M/S. Samudhra Bio Pharma Private Limited, which has been under the Corporate Insolvency Resolution Process (CIRP) w.e.f 04.06.2018 for a period of 180 days. 2. In case on hand, the CIRP has been initiated by the Financial Creditor viz., M/ s. International Asset Reconstruction Company Private Limited (IARCL) under Section 7 of the I&B Code 2016 r/ w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by filing CP/359/(IB)/2018. After hearing the Counsel for Financial Creditor, CPI 359/ (1B)/ 2017 was admitted and moratorium was declared by this Authority on 04.06.2018 and Mr. Mudappallur Varieth Gangadharan was appoint....

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....in exercise of the powers conferred under Sub- Clauses (i)(ii) and (iii) of Clause (b) of Sub-Section (I) of Section 33 of the I&B Code, 2016, proceeds to pass liquidation Order as follows: - I. It is hereby ordered to liquidate the Corporate Debtor viz. M/S. Samudhra Bio Pharma Private Limited, which shall be conducted in the manner as laid down in Chapter Ill of part Il of the I&B Code, 2016; Il. Mr. Mudappallur Varieth Gangadharan is hereby appointed as Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation; Ill. The moratorium declared under Section 14 of the I&B Code, 2016, shall cease to have effect from the date of the order of liquidation; ....