TaxTMI 
TaxTMI 
2021 (2) TMI 461
X X X X Extracts X X X X
X X X X Extracts X X X X
....ia Private Limited seeking the following reliefs: - (a) To pass an order under Section 33(2) of the Code for Liquidation of the Company: and (b) Appoint the Resolution Professional, Mr. Raju Palanilkunnathil Kesavan as Liquidator of the Corporate Debtor. 2. The facts in brief are as under: - The Applicant/Resolution Professional stated that this Tribunal vide order dated 18.03.2020 in CP/IB/54/KOB/2019 admitted the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by the Kerala State Industrial Development Corporation Limited against the Corporate Debtor, M/s Auto Friction Components India Private Limited and appointed the Applicant herein as the Interim Resolution Professional. 3. It i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y has not filed any statutory returns after 2006 including its Annual Return and Audited Financial Statements. (D) The factory of the Corporate Debtor is unoccupied for more than 15 years and is in dilapidated condition and boundaries are not ascertainable due to thick vegetation. 5. It is stated that the Committee taken into account of the above factors and instructed Resolution Professional to explore the possibilities of Liquidation of the Corporate Debtor without going into CIRP process. 6. The Applicant also stated that the Second meeting of Committee of Creditors was held on 07.12.2020 resolved to liquidate the Corporate Debtor under Section 33(2) of IBC before inviting expression of interest and also before preparing t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Industrial Estate, Pappanamcode, Trivandrum District with Survey No. 76/2, 77/1, 77/2 of Nemam village as per Patta No. 19710 dated 03.04.1985, 16.08.1995, 08.01.1998 and 03.03.1999. This land was mortgaged by the Corporate Debtor with the Financial Debtor, KSIDC by deposit of the title deeds and by creating charge with ROC. Other assets are old and damaged building and scrap items of some old machineries. Hence even if going through the process of resolution, there is remote possibility of getting a Resolution Plan for the Company, which will also involve additional cost and time. The only possibility is to dispose such items in an "as is where is condition'. (i) There are no liquid assets available for the Company to meet the est....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rofessional in Form 2 accepting appointment as the Liquidator of the Corporate Debtor has been produced. 11. This Tribunal heard the learned counsel appearing for the Resolution Professional and had gone through all the case records including the Resolution passed by the Committee of Creditors in the 2nd meeting held on 07.12.2020, and being satisfied with the conditions enshrined in the CIRP Regulations, pass the following order: a) The Corporate Debtor M/s. Auto Friction Components India Private Limited is hereby put under liquidation with immediate effect under Section 33(1) of IBC, 2016. b) The Resolution Professional Shri. Raju Palanilkunnathil Kesavan [email protected] Reg.No.IBBI/IPA-001/IP-P00801/2017-18/11356,....