2021 (9) TMI 632

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....the Corporate Debtor, viz., Madhusala Drinks Private Limited [CIN: U15520WB1991PTC052155], on the ground that the no resolution Plan was received. 3. This Adjudicating Authority vide its order dated 26.08.2019 on a Petition filed by the State Bank of India (financial creditor) under section 7 of the Insolvency and Bankruptcy Code, 2016 ('the Code') directed initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointed Mr. Jitendra Lohia as the Interim Resolution Professional (IRP) and confirmed his appointment as the Resolution Professional (RP) on 04.10.2019. 4. The Applicant submits that in terms of section 15 of the Code, public announcement was made on 28.08.2019, in Financial ....

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....ovisions of section 33(2) of the Code. 9. The Applicant/Resolution Professional, Mr. Jitendra Lohia [Reg. No. IBBI/IPA-001/IP-P00170/2017-18/10339], has agreed to act as liquidator to carry on the process of liquidation and given his consent to act as Liquidator, in terms of section 34(1) of the Code- Annexure F at page 32 of the I.A. 10. We have considered the submission made by the Applicant/RP in person and perused the record. 11. Section 33(2) of the Code enjoins the Adjudicating Authority to pass an order for liquidation of the Corporate Debtor where the resolution professional, at any time during the CIRP but before confirmation of the resolution plan, intimates the Adjudicating Authority of the decision of the CoC approved b....

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....f key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liquidator. f. The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. g. On initiation of the liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Cod....