2019 (4) TMI 2005

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.....2018 has expressed opinion to start the process of Liquidation. This fact was recorded during the course of hearing held on 02.01.2019. This Bench has therefore, directed the RP to convene a meeting of CoC and obtain an explicit voting on the decision for commencement of Liquidation process. It has also been directed to communicate the name of the Liquidator. Thereafter, a meeting of CoC was held on 16.01.2019, wherein vide agenda No. 8 one Mr. Dilip Jagad was nominated to work as Liquidator. 2. The Ld. Representative for the Committee of Creditors (CoC) on 10.04.2019 tendered across the bar an 'Affidavit' from the CoC, through which, the CoC requested this Bench to pass an order for Liquidation of the Corporate Debtor on account of the....

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.... 16.01.2019 in which name of the Liquidator was proposed by the CoC but later an objection came on appoint the said person, hence, dropped his name. The RP was not willing for his appoint as Liquidator. Later, this matter was listed for hearing on 30.01.2019, wherein this Bench discussed the progress report and directed the RP to commence the meeting of the CoC and obtain clear mandate about the Liquidation process and the appointment of the Liquidator. 5. As the RP did not comply the order of this Bench dated 30.01.2019, a meeting of Joint Lenders was held on 08.02.2019 and approved the name of Mr. Vijay Lulla as Liquidator, consent from Mr. Vijay Lulla for appointing him as Liquidator has been obtained. Thereafter, Ninth CoC meeting wa....

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....tor. The personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. The Insolvency Resolution Professional appointed as Liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation estate assets as specified under Regulation 4 of Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016 and the same shall be paid to the Liquidator from the proceeds of the liquidation estate under Section 53 of the Code. c. Since this liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor without prior approval of this....