2019 (1) TMI 1776

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....rder dated 26.03.2018. 2. The Insolvency and Bankruptcy Board of India (IBBI) was requested by this Tribunal to recommend the name of an Interim Resolution Professional (IRP). IBBI recommended the name of Mr. Velli Paramasivan for being appointed as an Interim Resolution Professional. Thereafter, on 06.03.2018 this Tribunal has recommended this Applicant's name for acting as the IRP, for IBBI approval. Based on the application filed vide LA/171/2018 by Mr. Velli Paramasivan, this Tribunal had, vide order dated 17.04.2018, appointed this Applicant (Mr. Mohan Kumar) as the RP. 3. It was submitted that the RP obtained the approval of this Tribunal for extension of moratorium period by further 90 days from 14.05.2018 vide its order dated ....

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.... was unanimously decided to file final application praying for passing an order of liquidation as per section 33 of IBC, 2016. 7. In view of the foregoing reasons and detailed discussion, the Committee of Creditors requested the applicant for recommending the liquidation of the Corporate Debtor as under: a. that the Corporate Debtor - M/s. Antony Projects Private Limited be and is hereby recommended to be liquidated as no firm proposals for revival have been received and the last date of the Corporate Insolvency Process was fast approaching. b. that a petition be filed before the NCLT, Chennai Bench for recommending the liquidation of the Corporate Debtor M/s. Antony Projects Private Limited. 8. In the light of the facts and circumsta....

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.... 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. (viii) All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case maybe, shall cease to have effect and shall be vested in the Liquidator viz., Mrs. Aruna Ramachandran. In addition to this, the 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 India (Liquidation Process) Regulations, 2016. (ix) The personnel of the Corporate Debtor shall extend all assista....