TaxTMI 
TaxTMI 
2021 (3) TMI 468
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....or under Section 33(1) of IBC, 2016 and; (b) To appoint Mr.Sasitharan Ramaswamy, Insolvency Professional having IBBI Registration No. IBBI/IPA-002/IP-N00519/2017-18/11678 as the Liquidator in terms of the Resolution passed by the Committee of Creditors in its meeting held on 08.01.2021. (c) To liquidate the Corporate Debtor as a going concern as per Regulation 39(C) of IBBI (Corporate Insolvency Resolution Process) Regulations, 2016. The facts in brief are as under: - 2. This Tribunal vide order dated 25.10.2019 in TIBA/14/KOB/2019 admitted the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by M/s. Capedge Consulting Private Limited against the Corporate Debtor M/s. India Techs Limited and appointed the ....
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.... that Expression of Interest is subject to the approval of the Committee of Creditors. Thereafter, the Applicant followed up the matter with Mr. N.V. George, as there was no response to the Expression of Interest details sent to him. On 22.02.2020, an e-mail containing the profile of a Senior Executive and Profile of George V. Nereparambil which was replied by the Applicant on 25.02.2020. Thereafter, till date no further response has been received by the Applicant from him. 4. It is also stated that during the Fourth meeting of Committee of Creditors held on 19.02.2020, the Applicant moved a Resolution seeking the approval of the Committee of Creditors to extent the last date for submission of Expression of Interest by the Perspective Reso....
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....d the Committee of Creditors with 100% voting rights passed the following resolutions: (a) Committee noted that no resolution was approved by the Committee of Creditors during the CIRP of the Corporate Debtor. (b) Resolved to ratify the application filed by the Applicant for liquidation of the Corporate Debtor under Section 33(1) of IBC as no Resolution Plan received to the Corporate Debtor till the last date of the CIRP. (c) Resolved to recommend the appointment of the Applicant Mr. Sasitharan Ramaswamy having Registration No. IBBI/IPA-02/IP-N-00519/2017-18/11678 as the liquidator for initiating liquidation process of the Corporate Debtor. (d) Resolved that the fee payable to the liquidator to be fixed in terms of the Regulation 4 ....
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....passed by the Committee of Creditors in the 10th meeting held on 08.01.2021. Resolution No. 2 and Resolution No. 3 are as under: - RESOLUTION NO. 2 RESOLVED that, the Committee notes that no Resolution Plan was approved by the Committee of Creditors during the period of CIRP of India Techs Limited RESOLVED FURTHER, to ratify the application bearing filing No. 3214117/00157/2020 filed by the Resolution Professional for initiation of Liquidation Process of India Techs Limited, the Corporate Debtor as per Section 33 of the Insolvency and Bankruptcy Code, 2016 as no Resolution Plan was received till the last date of CIRP. All members of COC having a voting share of 100% voted in favour of the Resolution and Resolution voted and passed u....
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.... order to ROC under which this Company has been registered. d) The Applicant herein is hereby directed to act as a Liquidator for the purpose of liquidation of Corporate Debtor company with all powers of the Board of Directors, key managerial persons, and the partners of the Corporate Debtor shall cease to have effect and hereby vested in the Liquidator. The personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. e) Since the Liquidation Order has been passed, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor without prior approval of this Adjudicating Authority, save and except as mentio....