2019 (9) TMI 1547

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.... follows: a) Pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in Section 33(1)(a) of Chapter III of I&B Code, 2016. b) Appoint the Resolution Professional Mr. Mahalingam Suresh Kumar as Liquidator of the Corporate Debtor.  c) Pass such further or other orders as may deem fit and proper in the facts and circumstances of the case and thus render justice. 3. Originally MA/854/2019 filed in CP/1211/1B/2018 filed under Section 9 of the I&B Code, 2016 by the Operational Creditor viz., M/s. GHCL Limited, against the Corporate Debtor viz., M/s. Gold King Tex India Private . Limited, was admitted by this Authority vide Order dated 25.01.2019, the CIR Process was initiated aga....

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.... Corporate Debtor is not carrying on any business for the last 2 years. The Company is not fetching any income. There was no Resolution Plan from prospect Resolution Applicants. The time period of 180 days of CIR Process was expired on 27.07.2019 8. In the 4% CoC Meeting held on 29.07.20 19, the Resolution Professional has placed the final valuation report received from the Valuers before the CoC for deliberations. The CoC, considering the current state of affairs of the Corporate Debtor has decided to liquidate the Corporate Debtor with 100% voting share. The Resolution passed by the CoC is as follows: "RESOLVED TO Liquidate the Corporate Debtor and appoint the present RP as the Liquidator to conduct the Liquidation Process of ....

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....6, shall cease to have effect from the date of the order of liquidation; IV. Subject to Section 52 of the I&B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. V. This Authority makes it clear that Para (IV) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. VI. This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except ....