2018 (12) TMI 1902

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.... Tribunal Rules, 2016. The Applicant has prayed inter alia to pass an Order of Liquidation of the Corporate Debtor. 2. It is averred that the Operational Creditor viz., Mr. Murali Sundaram has filed CP/565/IB/2017 under Section 9 of the I&B Code, 2016 for initiation of Corporate | Insolvency Resolution Process (CIRP) against the Corporate Debtor viz., M/s. Air Carnival Private Limited, claiming the outstanding debt to the tune of Rs. 48,41,818/-. This Adjudicating Authority vide its Order dated 02.11.2017, admitted the Application, declared Moratorium and appointed Ms. Kavita Surana as Interim Resolution Professional. 3. Itis further averred that on receipt of the Order, the Interim Resolution Professional took over the management of ....

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....nd deliberation regarding the viability of a revival of the Corporate Debtor and found the same to be negative since the Corporate Debtor which is an Aviation Company, neither had an Aircraft nor a License from DGCA and under such circumstance, pumping of investment  towards hiring an Aircraft was commercially unviable. Therefore, the CoCs unanimously has passed a Resolution inter-alia for Liquidation of the Corporate Debtor as follows:- "Since the announcement of CIRP, the Company was not doing any business and there is no aircraft. The business was stopped on 09.04.2017. Being a specialized service sector business which requires lot of investment, the ex directors were not able to bring any prospective investor to revive it ....

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....order of liquidation; IV.. Subject to Section 52 of the 1&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 when the business of the Corporate Debtor is conti....