2019 (1) TMI 1781

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....ef, is that the original petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short the IBC) was filed by the Edelweiss Asset Reconstruction Company Limited, the Financial Creditor to initiate the Corporate Insolvency Resolution Process (in short CIRP) against M/s. Uthrakalimman Infrastructures Private Limited, the Corporate Debtor. The said CP (CP/292/IB/CB/2018) was admitted and the present applicant is appointed as Interim Resolution Professional by this Adjudicating Authority vide Order dated 14.05.2018. 3. In the instant Application, details have been given with regard to the meetings of the CoC. It has been stated in the application that the Corporate Debtor has no office, no Directors (Suspended Board members), n....

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....ne the fair value and liquidation value of the Corporate Debtor in accordance with Regulation 35 and both the have been submitted their valuation report to RP. Therefore the RP has stated that the case of the Corporate Debtor is a fit and appropriate case to be dissolved as recommended by the CoC and filed this Application for liquidation of Corporate Debtor. 6. In the light of the facts and circumstances as stated in the Application filed by the RP, this Adjudicating Authority deems it fit to Order liquidation of the Corporate Debtor. Accordingly, in exercise of powers conferred under Section 33(l)(a) of the I&B Code, 2016, we proceed to pass order as follows: ORDER i. We order for liquidation of the Corporate Debtor viz., M/s. Uthrak....

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....ngs in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. vii. In terms of Section 33(7) of the I&B Code 2016 this Order 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 may be, shall cease to have effect and shall be vested in the Liquidator viz., Mr. Vasudevan. In addition to this, the Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to....