2021 (7) TMI 1078

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....). This application has been filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter called as "the Code"), praying for following reliefs: a. That this Hon'ble Tribunal be pleased to order and direct that the Corporate Debtor be ordered and directed to go under liquidation as per Section 33(2) of the Insolvency and Bankruptcy Code, 2016; b. That this Hon'ble Tribunal be pleased to appoint the Applicant, Mr. Vijendra Kumar Jain, IBBI Registration Number IBBI/IPA-001/IP-P00721/2017-2018/11253 as the liquidator in respect of the Corporate Debtor, written consent of the Applicant is hereto annexed and marked as Annexure - 19; c. For such other and further reliefs as this Hon'ble ....

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.... Later, an application under section 19(2) was filed by the RP against the Suspended Directors for non-cooperation which is pending before this Tribunal. Four Registered Valuers namely Mr. Shri Harsh Khadilkar, Mr. Harshad Deshpande, Mr. Vinod Gandhi and Mr. Satyanarayan Samdhani (collectively called as 'valuers') were appointed to determine the fair value and liquidation value of the assets of the Corporate Debtor. The said valuers have submitted their valuation reports dated 16.08.2019, 25.11.2019, 30.11.2019 and 25.11.2019 wherein they have determined the fair value and liquidation value. 6. Expression of Interest (EoI) dated 22.08.2019 was published in Form G calling for prospective resolution applicants to submit their EoI b....

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.... had taken a 7/12 search of the said property and it was found as per government records to be held by the corporate debtor. The counsel for the resolution applicant then sought permission to withdraw the resolution plan upon which, this Bench had directed to file an application. Accordingly, an application was filed by the resolution applicant seeking refund of the Earnest Money Deposit and amount paid towards proposal performance deposit of Rs. 25 Lacs. He also stated that if the free hold land is handed over to him, he is willing to implement the plan. 10. During the hearing of this matter, the counsel for the applicant had stated that the suspended management has agreed to handover the land as shown in the provisional balance sheet. ....

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....proceedings would be entitled to the fees as provided in Regulation 4(2)(b) of the IBBI (Liquidation Process Regulations), 2016. c. The Liquidator appointed in this case to initiate liquidation process as envisaged under Chapter-III of the Code by following the liquidation process given in the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. d. The Liquidator appointed under section 34(1) of the Code. Will have all powers of the board of directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the liquidator. e. That the Corporate Debtor to be liquidated in the manner as laid down in the Chap....