2018 (8) TMI 2051

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....orporate Debtor. 2. Initially, CP/64/1B/CB/2018 was filed under Section 10 of the I&B Code, 2016 by the Corporate Debtor viz., M/s. GB Engineering Enterprises Private Limited, which was admitted by this Authority vide its Order dated 25.01.2018; the CIRP was initiated against the Corporate Debtor; the moratorium was declared and one Mr. R. Sundaram, was appointed as Interim Resolution Professional (IRP) in the matter 3. The Resolution Professional has stated that the COCs in its 1st Meeting held on 05.03.2018 had unanimously proposed to appoint the Applicant viz., Ms. CS Satyadevi Alamuri, as Resolution Professional for the Corporate Debtor, and accordingly, the Applicant was appointed as Resolution Professional by this Adjudicating Autho....

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....COCs in its 4th Meeting held on 18.07.2018, after assessing various factors, has unanimously opined that there was no scope of getting any Resolution Plan and has passed the Resolution as follows: - "It was unanimously resolved to file an Application for liquidation of M/s. GB Engineering Enterprises Pvt. Ltd. (CD) and to appoint Mrs. Satyadevi Alamuri as Liquidator of the Corporate Debtor." 6. A perusal of the of the Minutes of the Meeting of the CoCs dated 18.07.2018 reveals that till the expiry of the maximum period of CIRP, no Resolution Plan was approved by the CoCs under Sub-section (4) of Section 30 of the I&B Code, 2016. Under these circumstances, the case falls within the purview of Section 33(1)(a) of the I&B Code, 2016, as no....

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....v) 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 continued during the liquidation process by the Liquidator. vii. All the 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 Company Liquidator viz., Ms. CS Satyadevi Alamuri. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated....