TaxTMI 
TaxTMI 
2019 (9) TMI 1052
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....rayers made by the Resolution Professional are as follows:- i. To pass an order for Liquidation of the Corporate Debtor (M/s. RLS Alloys Private Limited). ii. To appoint the Resolution Professional as Liquidator for administering the Liquidation Process of the Corporate Debtor and iii. To pass such other orders which may be deems fit and proper. 3. Originally, the Operational Creditor viz., M/s. Foseco India Limited filed CP/661/IB/2017 under Section 9 of the Insolvency and Bankruptcy Code, 2016 r/w Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Corporate Debtor viz., M/s.RLS Alloys Private Limited, to admit the Application, to declare moratorium and appoint Interim Resolution Pro....
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....ected both the 'EoI' as not fulfilling the criterion. Therefore, the Sole Financial Creditor having 100% voting unanimously decided that there is no chance of revival of the business, as the major part of the machinery has been in dilapidated, worn out condition and the business was not run by the Promoters for more than 5 years. 7. In 4th Meeting of the CoC held on 28.05.2019, the CoC unanimously passed the Resolution for Liquidation of the Corporate Debtor. The Resolution passed by the CoC is as follows: "The CoC resolved to initiate the process of liquidation of the Company as per Section 33(2) of Insolvency and Bankruptcy Code, 2016 and the Resolution Professional of RLS Alloys Private Limited (Mr. Ramasamy Shanmuggam) be her....
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....ave effect from the date of the order of liquidation; IV. Subject to Section 52 of the I&B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. V. This Authority makes it clear that Para (IV) hereinabove shall not apply to legal proceedings 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 Debto....