TaxTMI 
TaxTMI 
2021 (6) TMI 851
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....for liquidation of the company, (b) To appoint the Resolution professional as Liquidator of the Corporate Debtor under Section 34; and (c) Pass any other order or orders that this Hon'ble Tribunal may deem fit and proper in the circumstances of the case. 2. The brief facts are that the application IBA/17/KOB/2020 filed by Mr. Urvashi Dilip Kamath and others, under Section 7 of the IBC read with Rule 4 of IB (AAA) Rules, 2016 was admitted by this Tribunal on 9th October 2020 and the applicant herein has been appointed as the Interim Resolution Professional. It is stated that under Section 22(1) of IBC the first meeting of the Committee of Creditors (for short CoC) was held on 12.11.2020. Two valuers have also been appointed within t....
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....ey suggested to sell the company as a going concern under liquidation and recommended for liquidation of the company. The Federal Bank also informed that they are ready to meet the liquidation costs which will be about 3 to 5 lakhs. With regard to the fee of the Liquidator, it was decided to fix the fee payable to the liquidator if an order for liquidation is passed under Section 33. It was decided to provide the fee under Section 4(b) Schedule as per the percentage of the fee on the amount realizes and distributes and the Interim Resolution Professional agreed for the same and informed his willingness to continue as Liquidator of the company. 3. Since in the resolution passed by the Committee of Creditors, the proposed name of Liquidator ....
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....idation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1)." 6. From a reading of the above provision, it is clear that when a Resolution Professional at any time during the CIRP but before confirmation of Resolution Plan approaches the Adjudicating Authority with the decision of the COC approved by not less than sixty six percent of the voting share, the Adjudicating Authority shall pass a liquation order. In this case the CoC with 100% voting right approved the resolution for liquidation of the Corporate Debtor. Hence this is a fit case to order liquidation under Section 33(2) of the IBC, 2016. 7. For the aforesaid reasons, IA 77/KOB/2021 is allowed with the following order: ORDER (i) The Corporat....