TaxTMI 
TaxTMI 
2019 (6) TMI 330
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....on Professional under Sections 33 (2) and 34 (1) of the Insolvency and Bankruptcy Code, 2016 (for short to be referred here-in-after as the 'Code') read with IBBI (Liquidation Process) Regulations, 2016 (for brevity the 'Regulations') with a prayer for order of liquidation against the corporate debtor. 2. The petition filed by Oriental Bank of Commerce, the Financial Creditor bearing CP (IB) No.41/Chd/Pb/2018 against Sadhbhawana Impex Private Limited, the Corporate Debtor was admitted under Section 7 of the Code on 21.08.2018 and declaring the moratorium and also appointing Mr. Sanjay Kumar Aggarwal as the Interim Resolution Professional with necessary directions. 3. It is stated that the public announcement was made by the Resolution....
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.... was convened on 22.01.2019 which was held at the office of Oriental Bank of Commerce and the said meeting was attended by only Financial Creditor constituting the CoC and four Directors of the suspended Board of Directors and the attendance sheet in this respect is at page 47 of the paper book. 7. Having deliberated on the issues, the CoC took the following decisions:- " 8(b) As there is no any resolution plan submitted by any prospective resolution in this matter till the last date of submission of resolution plan. Hence, the Committee of Creditor of the Corporate Debtor namely Sadhbhawana Impex Private Limited, hereby decides with 100% voting power in favour of Resolution Yes: a) That the Corporate Debtor namely Sadh....
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....ly represent/act and exercise the entire rights for the benefit and on behalf of the corporate debtor, before the Sole Arbitrator in the Arbitration Proceedings between Steel Authority of India Limited Vs. Sadhbhawana Impex Private Limited (Corporate Debtor)." 8. The period of 180 days for completion of the insolvency resolution process is expiring on 16.02.2019 and the decision of the CoC was taken in this respect in the meeting held on 22.01.2019. The last date for receiving the Expression of Interest was 19.11.2018, but no resolution plan was received. 9. We have heard the learned counsel for the Resolution Professional and carefully perused the record. 10. Section 33(1) & (2) reads as under:- "33. (1) where the Adjudic....
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....r unless replaced by the Adjudicating Authority under sub-section (4). Sub-section (1) of Section 34 of the Code read as under:- " Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for the corporate insolvency resolution process under[Chapter II, shall subject to submission of a written consent by the resolution professional to the Adjudicating Authority in specified form] shall act as the liquidator for the purposes of liquidation unless replaced by the Adjudicating Authority under sub-section (4)]. 12. The learned counsel for the Resolution Professional submits that this application has been filed by the Resolution Professional on....
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....e liquidator, on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority; (ii) That the provisions of sub-section (5) of Section 33 of the Code shall not apply to legal proceeding in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator; (iii) That this order of liquidation under Section 33 of the Code 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; (iv) That all the powers of the Board of Directors, key managerial personnel and the partners of....