2021 (5) TMI 942

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....bunal may be pleased to extend the time period of the CIRP of the Corporate Debtor by a period of 90 days effective 30.03.2020 in view of the same having been approved by the COC of the Corporate Debtor at meeting held on 09.03.2020; and (b) Pass such other order or orders as this Hon'ble Tribunal may deem fit. 2. It is averred in the application that the Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 04.10.2019 and appointed this Applicant as Interim Resolution Professional. Thereafter, the Applicant was subsequently appointed as the ''Resolution Professional" in the 1st COC Meeting held on 02.11.2019. 3. It is averred in the application that the CIR Pro....

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....er section 12 of the Code, 2016, so as to enable the COC to pass suitable resolution for Liquidation of the Corporate Debtor with the Applicant RP to continue as Liquidator. 6. Heard the Counsel for the Applicant and perused the records placed on file. As per the facts of the present case, there is no resolution for Liquidation of the Corporate Debtor. As per section 33(1) of the IBC, 2016 which contemplates that if the maximum period permitted for completion of the CIRP has expired then this Tribunal has to order for the liquidation of the Corporate Debtor. Since this Tribunal has not granted the extension of the CIRP beyond the stipulated period of 180 days, as per operation of Section 33(1) of the IBC, 2016, the Corporate Debtor shoul....

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.... shall strictly act in accordance with the provisions of IBC, 2016 and the attendant Rules and regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended upto date enjoined upon him. b) The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/employees and workers of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge. c) The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to preferential transactions/undervalued transactions and such other like transactions including fraudulent preferences i....