2021 (6) TMI 738

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....uidation of the corporate debtor, Ajit Automotive Service Private Limited. 2. That one operational creditor, M/S Dynamic Security, had filed an application bearing no. IB 1525(ND)/2019 under Section 9 of the Code for initiation of Corporate Insolvency Resolution Process against the corporate debtor. The said application was admitted by this tribunal vide order dated 19.08.2019 and Mr. Mohinder Singh appointed as Interim Resolution Professional (IRP) of Ajit Automotive Service Private Limited. 3. Thereafter, in terms of Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) the said Interim Resolution Professional made a public announce....

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....concern during liquidation process and the liquidator be and is hereby authorized to explore sale of the Corporate Debtor as going concern under Regulation 32 (e) or 32(j) of Liquidation Process Resolution." 8. The consent of RP to act as liquidator is annexed with the application being FORM AA duly filed by Mr. Rohit Sehgal. 9. Due to non-receipt of a Resolution Plan within the period of CIRP, the CoC after deliberation thought fit to not to seek extension of CIRP period but opted for liquidation as per the provisions of the IBC, 2016. The relevant sub-section 1 of section 33 is reproduced hereunder: "33. (1) Where the Adjudicating Authority,- (a) before the expiry of the insolvency resolution process period or the ....

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....e hereby order that the corporate debtor Ajit Automotive Service Private Limited stands liquidated and the incidence of liquidation to follow, on and from the date of this order in terms of the provisions of IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 and also in terms of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017. Mr. Rohit Sehgal, present RP is appointed as liquidator by COC in its fourth meeting dated 11.02.2020 who has consented to act as liquidator. Minutes of COC meeting and consent Form 2 are annexed with the application. Therefore, we order and give following directions: a. Mr. Rohit Sehgal, Resolution Professional holding registration no. IBBI/IPA- 001/IP-P00528/2017-18/109....