2020 (5) TMI 271

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....ons 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016 seeking liquidation of the corporate debtor Yag Mag Labs P. Ltd., and appointment of the liquidator read with rule 11 of the National Company Law Tribunal Rules, 2016. 2. The averments made in the application in brief are : (1) This Tribunal vide order passed in C. P. (IB) No. 593/9/HDB/2018, admitted the petition filed by Cosmic Chemicals/operational creditor against Yag Mag Labs P. Ltd./corporate debtor under section 9 of the Insol vency and Bankruptcy Code, 2016 (IBC) and appointed Mr. Ram Murthy Kommera, IBBI/IPA 002/IPN00595/2017-18/11776, as the interim resolu tion professional vide its order dated February 18, 2019. Subsequently, Mr. A. V. S. Krishna Mohan....

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....nt for Liquidation 33,000 Public Announcement for list of stake holders 33,000 Valuation fee for valuation of Financial Assets 30,000 Fee payable to Audit professionals for audit of liquidation account 20,000 Fee payable to legal professionals for filing cases against debtors, and for GST/VAT refunds 40,000 Expenses for filing IAs with NCLT 10,000 Total 1,66,000 (6) It is the case of the applicant/resolution professional that in the sixth CoC meeting, the members of committee of creditors (CoC) repre senting 100 per cent. of the voting share in the CoC and 100 per cent. of the CoC members present, approved/passed the resolution for liquidating the corporate debtor Yag Mag Labs P. Ltd., and app....

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....olution process under section 12 or the fast track cor porate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30 ; or (b) rejects the resolution plan under section 31 for the non-com pliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter ; (ii) issue a public announcement stating that the corporate debtor is in liquidation ; and (iii) require such order to be sent to the authority with which the corporate debtor is registered." 6. As per section 33(1)(a) of the Code, if the resolution professional has not r....

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....tions, 2016. 10. All 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 in the liquidator. 11. The liquidator is directed to issue a public announcement stating that the corporate debtor is in liquidation, in terms of regulation 12 of the IBBI (Liquidation Process) Regulations, 2016. 12. The order of moratorium passed under section 14 of the Code shall cease to have its effect. 13. This order is deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per section 33(7) of the Code. 14. Since the liquidation order has been passed no suit or other legal proceedings ....