TaxTMI 
TaxTMI 
2021 (5) TMI 641
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....n of the Corporate Debtor, viz., Glaze Infrastructure Private Limited, on the ground that the resolution plan submitted by the sole resolution applicant Select Products Private Limited was not approved through a vote exceeding 66% and hence there is no other alternative but to recommend for liquidation and the Committee of Creditors in its eight meeting held on 1st December, 2020 passed a resolution with 99.99% vote share to approve the liquidation of the Corporate Debtor. 2. This Adjudicating Authority vide its order dated 25.11.2019 on a Petition filed by Saint Gobain India Private Limited (operational creditor) under section 9 of the Insolvency and Bankruptcy Code, 2016 ('the Code') had directed initiation of the Corporate Ins....
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....lighted that as per the draft, the committee is empowered to negotiate with all the resolution applicant and taking into account the importance of cash recovery a weightage at 70% was provided for upfront cash recovery. The RFRP and evaluation matrix placed was approved the committee after deliberations. 7. It was informed that the Form 'G' approved in the earlier meeting was published in the newspapers and there was no response to the EOI. Discussions were held on publishing the Form 'G' once again. The representative of SBI informed that publication of Form 'G' again without the possibility of receiving expression of interest is not a prudent decision and hence advised the RP to explore the market and provide hi....
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....f the IBC and the resolution professional be appointed as the Liquidator. 10. The Applicant/Resolution Professional, Mr.Krishnaswami C.V.R. (Reg. No. IBBI/IPA-001/IP-P01302/2018-2019/12217), has agreed to act as liquidator to carry on the process of liquidation and given his consent dated 19th January, 2021 to act as Liquidator, in the prescribed Form AA, in terms of section 34(1) of the Code. 11. We have considered the submission made by the Applicant/RP in person and perused the record. 12. Section 33(2) of the Code enjoins the Adjudicating Authority to pass an order for liquidation of the Corporate Debtor where the resolution professional, at any time during the CIRP but before confirmation of the resolution plan, intimates the ....
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....cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liquidator. f. The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. g. On initiation of the liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code read with its proviso. ....