TaxTMI 
TaxTMI 
2021 (8) TMI 208
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.... Lakshmi Energy & Foods Limited. 2. CP (IB) No. 73/Chd/CHD/2018 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by "ICICI Bank Limited" to initiate Corporate Insolvency Resolution Process (in short 'CIRP') against Lakshmi Energy & Foods Limited was admitted on 03.09.2019 and Mr. Ravinder Aggarwal was appointed as Interim Resolution Professional. Subsequently, vide order dated 27.02.2020, IRP was replaced and Mr. Kuldip Kumar Bassi (Applicant) was appointed as Resolution Professional. 3. The facts of the case, briefly stated, are that Form G inviting Expression of Interest was published in the newspaper on 10.03.2020 and the last date to submit Expression of Interest (EOI) was fixed for 25.03.2020. In pursuance of....
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....onal filed IA No. 949/2020 under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 for passing an order of liquidation. 7. The Hon'ble NCLAT, in Praveen Kumar Nand Kumar Vs. VSL Securities Pvt. Ltd. in CA No. 1/2020 in CA No. 308/2000, dated 09.06.2020, observed as under:- "Likewise, the decision of the COC recommending liquidation of the corporate debtor after proper evaluation of the assets and liabilities of corporate debtor with no Resolution Plan forthcoming would be a business decision falling within the domain of commercial wisdom of the COC which is not amenable to judicial review." 8. We have carefully considered the submissions made in the application by the Resolution Professional and have also perused the records....
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....iod of Lockdown is excluded for the purpose of calculating the timelines in CIR Process. Hence, after excluding the lockdown period w.e.f. 23.03.2020 to 31.07.2020, the CIRP was expired on 07.10.2020 and the present application is filed on 11.12.2020. 11. Appointment of Liquidator - Section 34(1) of the Code provides that where the Adjudicating Authority passes an order for liquidation of the corporate debtor under Section 33, the resolution professional appointed for the corporate insolvency resolution process shall, subject to submission of written consent, act as the Liquidator for the purpose of liquidation. Mr. Kuldip Kumar Bassi, Resolution Professional with IBBI Registration No. IBBI/IPA-001/IP-P00280/2017-2018/10524, has filed his ....
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....ptcy Board of India (Liquidation Process) Regulations, 2016 provide for Liquidator's fee. Regulation 4(2) thereof states that the Liquidator shall be entitled to such fee and in such manner as has been provided therein. 16. Pending applications, if any, and its effect - The learned counsel for applicant has stated that an Application bearing IA No. 226/2020 under Section 19(2) of the Code for seeking cooperation from Directors of the corporate debtor and an another application for seeking assistance of local administration in taking physical possession of the plant of the corporate debtor is pending before this Adjudicating Authority. 17. In view of the satisfaction of the conditions provided under Section 33(1) of the Code, the corpo....