TaxTMI 
TaxTMI 
2021 (2) TMI 878
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....016 for passing an order of Liquidation in the matter of M/s Karan Processors Private Limited (Corporate Debtor). 2. CP (IB) No. 339/Chd/Hry/2019 filed under section 9 of the Insolvency and Bankruptcy Code, 2016 by "Ultratreat Industrial Services" to initiate Corporate Insolvency Resolution Process (in short CIRP) against M/s Karan Processors Private Limited was admitted on 22-1-2020 and Mr. Sameer Rastogi was appointed as IRP. Subsequently, in the 1st meeting of CoC was held on 20-2-2020, it was resolved to change the IRP and Mr. Amarnath was appointed as RP and the same was approved by this Adjudicating Authority vide order Dated 11-3-2020 attached as Annexure-B of application. 3. It is submitted that when 3rd COC meeting was held o....
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....of the Code are as follows:- "Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1)." Prescribed period for filing application 8. In the present case, the application under section 9 of the Insolvency and Bankruptcy Code, 2016 was admitted on 22-1-2020 and the present application is filed by the Resolution Professional on 19-8-2020. The period of 180 days were completing on 19-7-2020 b....
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....ts. The Liquidator is, therefore, directed to take necessary action under Regulation 2A of the CIRP (Liquidation Process) Regulations, 2016 regarding contributions to liquidation costs. Assessment of Sale as a going concern (Regulation 39C of CIRP Regulations, 2016) 12.The COC has not made any recommendation regarding sale of the corporate debtor as a going concern. Therefore, the Liquidator is directed to refer to Regulation 32A of the CIRP (Liquidation Process) Regulation, 2016 and take necessary action. Fees of the Liquidator (Regulation 39D of CIRP Regulations, 2016) 13. In the 4th meeting of COC, it has been resolved that liquidation fee will be paid to the Liquidator as Rs. 3,00,000/- on lump sum basis for six months. P....
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....ng the liquidation process by the liquidator; and (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 voluntary liquidation process as they apply in relation to liquidation process with the substitution of references to the liquidator for references to the Interim Resolution Professional. (vi) That the Liquidator ....