2018 (10) TMI 1837

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....ion 33 (2) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred as the "Code") for issuance of directions for liquidation of the corporate debtor, M/s Forging Private Limited. 2. The facts in brief are that the sole financial creditor, Indiabulls Housing Finance Limited had filed an application bearing No. IB-455(PB)/2017 under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process against the corporate debtor, M/s Forging Private Limited. The said application was admitted by this tribunal vide order dated 28.03.2018 and Mr. Sajeve Bhushan Deora was appointed as Interim Resolution Professional (IRP). 3. In terms of Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution....

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....018, the resolution professional published Form-G, in Business Standard (English and Hindi), inviting Expression of Interest from prospective Resolution Applicant. It is further stated that pursuant to publication, expression of interests were received from four parties. However, no resolution plan was received from any party before the last date of submission of resolution plan nor till the date of the present application. 9. It is stated in the application that the corporate debtor does not have any running business nor any employees. The assets of CD majorly comprise factory land and building situated in Faridabad lying unused and various advances recoverable form related parties of Corporate Debtor. In the absence of any resolution p....

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....orate debtor is in liquidation, in terms of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016; c. The Registry is directed to communicate this Order to the Registrar of Companies, NCT of Delhi & Haryana and to the Insolvency and Bankruptcy Board of India; d. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; e. This order is deemed to be a notice of discharge to the officers and employees and the workmen of the corporate debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016;....