2020 (2) TMI 1123

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....rtex Pvt. Ltd. 2. As per the Applicant RP, the Committee of Creditors ("CoC") in its 5th meeting held on 29.08.2019 with 100% majority of its members has resolved for liquidation of the Corporate Debtor Company. It is submitted that, the CoC, in its 5th meeting dated 29.08.2019 has duly reordered the reason for going to the proposed liquidation of the Corporate-Debtor, because no proposal for Expression Of Interest ("EOI") from a potential resolution applicant/party was received despite the paper publication was made by inviting the EOI in respect of the Corporate-Debtor-Company. It is also stated that 180 days of the period of the Corporate Insolvency Resolution Process ("CIRP") came to be over on 25.09.2019, therefore, the CoC took a c....

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...., the present application can be allowed in view of the resolution of the CoC for passing an appropriate order for liquidation of the company. 6. By considering the above stated factual aspects of the CIRP of the Corporate Debtor, we find that the present lA. deserves to be allowed and an order for liquidation of the company is required to be passed. Therefore, it is allowed in terms of its prayer clause. 7. It is ordered that the Corporate Debtor Company, M/s. Shri Padmavati Sortex Pvt. Ltd. shall go under liquidation with following observations and directions: i. Shri Vinodkumar Surendralal Shah, RP is hereby appointed as the Liquidator to complete the liquidation process. ii. The moratorium declared in respect of ....