2020 (10) TMI 218

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....eliefs: "(a) Initiate Liquidation process of the Corporate Debtor in terms of Section 33(2) of the Insolvency and Bankruptcy Code, 2016." "(h) Take on record the written consent of the RP to be appointed as the Liquidator of the Corporate Debtor......" 2. Facts of the case in brief are that the Financial Creditor, Sh. Brij Mohan Sahni filed an application bearing No. IB-197/(ND)/2018 under the Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Pawan Buildwell Private Limited. The said Application was admitted by this Tribunal vide Order dated 07.05.2018 and Mr. Arun Chadha was appointed as Interim Resolution Professional (IRP). 3. It is submitted ....

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....ion Plan was received from one Mr. Harshit Sapra. It is further submitted that the said plan was not in conformity with the provisions of the IBC, 2016 and hence, it was rejected by the COC in its 7th meeting held on 03.07.2019. 7. That the Ld. RP had placed the proposal of the Liquidation of the Corporate Debtor before the COC vide agenda item No. C1 in its 7th Meeting held on 03.07.2019, which after discussion, passed the following Resolution : "RESOLVED THAT pursuant to Section 33(2) of the Insolvency and Bankruptcy Code, 2016 the relevant provisions of the Insolvency and Bankruptcy Code, 2016 and in accordance with rules and regulations made thereunder, approval of the committee of creditors be and is hereby accorded for all....

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....Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; c. This order shall be deemed to be a notice of discharge to the officers, employees and the workmen of the Corporate Debtor as per Section 33(7) of the Insolvency and Bankruptcy Code, 2016; d. Liquidator shall follow up and continue to investigate the financial affairs of the Corporate Debtor to determine the undervalued and preferential transactions etc., if any. e. The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the dated of commencement of Liquida....