TaxTMI 
TaxTMI 
2020 (5) TMI 271
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.... 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/applicant herein having IP Regn. No. IBBI/IPA 00....
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....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 appointing Mr. A. V. S. Krishna Mohan, resolution professional as the liquidator. The minutes of the sixth meeting of c....
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....ive 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 received any resolution plan under section 30(6) with in CIRP period, the Tribunal is left with no other option but to pass a liquidation order. The resolution professional h....