TaxTMI 
TaxTMI 
2018 (11) TMI 1786
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....Limited having CP (IB) No. 108/Chd/Pb./2017 was admitted by this Tribunal on 16-11-2017 declaring the moratorium under section 14(1) of the Code. Mr.Yogender Pal Singhal, registered Resolution Professional was appointed as the Interim Resolution Professional vide order dated 27-11-2017. Vide order dated 16-1-2018, Mr.Ashish Aggarwal, registered Resolution Professional was appointed as Resolution Professional in place of Mr.Yogender Pal Singhal. 2. The instant application has been filed by the Resolution Professional under section 33 (1) (b), (i), (ii), (iii) and 33 (2) of the Code for an order of liquidation of the corporate debtor in terms of the decision of the Committee of Creditors (CoC) held on 11-8-2018. 3. It is stated that the....
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....quidation. 5. In the meanwhile, an application was filed by the resolution applicant M/s Global Business Corporation making a prayer for direction to the Resolution Professional and the CoC to allow him to participate in the meeting, when the resolution plan was discussed. That application CA No. 371/2018 was dismissed by a detailed order passed on 01-11-2018. 6. We have heard the learned counsel for the Resolution Professional and perused the records quite carefully. 7. Learned counsel for the Resolution Professional submits that the third meeting of the CoC took place with the aim of discussing the Expression of Interest received from the prospective resolution applicant. The Financial Creditor also sought the opinion from its le....
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....m the above, it is quite apparent that the decision to liquidate the corporate debtor was taken by 100% voting share in the 7th meeting of the CoC held on 11-8-2018. 12. When the matter was listed on 01-11-2018, the applicant-resolution professional was directed to file the consent form of the resolution professional in terms of section 34 (1) of the I & B Code, 2016. In compliance with said order, the applicant has filed the consent form vide diary No. 4670, dated 29-11-2018. Mr.Ashish Aggarwal, resolution professional has filed the written consent as at Annexure RP-1, dated 20-11-2018 giving all the particulars as required in form AA, which is to be furnished by the resolution professional at the time of his appointment. It is stated t....
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....der of liquidation under section 33 of the Code 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; (iv) That 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; and (v) That the personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor and provisions of Section 19 of the Code shall apply in relation to volu....
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....e Financial Creditors are not debarred from having recourse to enforce the personal guarantees and to take proper steps in this regard. CA No. 340 of 2018 stands disposed of. Copy of this order be supplied to the counsel for the applicant as well as to the Registrar of Companies, Punjab and Chandigarh immediately. Registry is also directed to send a copy of this order to the Liquidator at e-mail address. CA No. 370/2018: Earlier CA No. 370 of 2018 was filed for bringing to the notice of this Tribunal certain fraudulent or preferential transactions. The only persons impleaded by the applicant are the two directors of the Company. When this application was listed on 11-9-2018, the learned counsel for the resolution professional so....