2021 (1) TMI 510

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....tions of the committee of creditors (CoC) seeking liquidation of the corporate debtor, viz., Nippon Alloy Ltd. (CIN : U27109WB1996PLC080314), on the ground that there is no possibility for resolution of the corporate debtor. 3. This Adjudicating Authority vide its order dated January 30, 2020 on a petition filed by Ply Com P. Ltd. (operational creditor) under section 9 of the Insolvency and Bankruptcy Code, 2016 ("the Code") directed initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor and appointed the applicant herein as the interim resolution professional (IRP). 4. The applicant submits that in terms of section 15 of the Code, public announcement was made on February 2, 2020 in The New India....

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....s sixth meeting held on September 23, 2020 the CoC noted that the corporate debtor is engaged in trading business and that its operation is also stopped for more than a year. There was no possibility of getting any resolution of the corporate debtor due to the fact that it was not in operation for more than a year, it had no major assets, and also the impact of COVID-19 pandemic on the steel industry, etc. Therefore, no expressions of interest were invited. It was also resolved that the corporate debtor should be liquidated. The proposal was approved with 100 per cent. voting in favour. The minutes of the said meeting and the voting results have been placed on record at annexure "B" to the IA. 10. The applicant/resolution professional, M....

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....fessional Agency (IPA) of which he is a professional member, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2019. (c) The liquidator shall initiate liquidation process as envisaged under Chapter III of the Code and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (d) Public notice shall be issued in the same newspapers in which advertisements were issued earlier, i. e., The New Indian Express (English) and Prajasakti (Telugu) of Visakhapatnam edition and The Financial Express (English) and Aajkal (Bengali) of Kolkata edition, stating that the corporate debtor is in liquidation. (e) All the powers of the board of....