2020 (1) TMI 108

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....of liquidation pertaining the Corporate Debtor viz, M/s. Vibha Overseas Exim Private Limited. 2. Originally IB/709/ND/2018 filed under Section 10 of the I&B Code, 2016 by the Corporate Debtor was admitted by this Authority vide Order dated 05.10.2018, the CIR Process was initiated against the Corporate Debtor and the Applicant viz., Mr. Vishnu Dutt was appointed as Interim Resolution Professional (IRP). 3. It is averred that pursuant to the Order of this Authority dated 05.12.2018 the IRP had taken over the management of the Corporate Debtor and had issued the Newspaper Publication dated 08.12.2018 in two edition one in English and another in vernacular as per Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency....

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....eports of both the valuers appointed by the RP were taken on record by the members of COC in its third meeting held on 23rd May, 2019. 6. The sole member of COC of the Corporate debtor viz, M/s. Union Bank of India, holding 100% voting right, voted in favour of the Resolution passed for Liquidation of the Corporate Debtor viz, Vibha Overseas Exim Private Limited. 7. Since no Resolution Plan is received by this Authority under Sub-section (6) of Section 30 of the I&B Code, 2016, before the expiry of the Corporate Insolvency Resolution Process period of 180 days, the Corporate Debtor has to be ordered for Liquidation. 8. It is noted that IRP is not willing to be appointed as the Official liquidator and thus COC left at this authority....

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.... 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., Mr. Rajinder Singh Sidhu. 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, r/w. Insolvency and Bankruptcy Board of In....